Q1245
A, B and C were partners with a capital of Rs. 50,000; Rs. 40,000 and Rs. 30,000, respectively, carrying on business in partnership. The firm's reported profit for the year was Rs. 80,000. As per the provision of the Indian Partnership Act, 1932, find the share of each partner in the above amount, taking into consideration that interest has not been provided on an advance of Rs. 20,000 by A in addition to his capital contribution.
A.
Rs. 26,267 for partner B and C, and Rs. 27,466 for partner A
AnswerB.
Rs. 26,667 each partner
C.
Rs. 33,333 for partner A, Rs. 26,667 for partner B and Rs. 20,000 for partner C
D.
Rs. 30,000 for each partner.
Answer: Option A
Solution
Answer: Option A
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