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Standard XII

Accountancy

Appropriation of Profits

A and B are i...

Question

A and B are in partnership with Rs.30,000 and Rs. 20,000 as their respective Capitals. They admitted C as a partner for 1/6th share in profits. The amount of C's share In the Capital of the firm if he is asked to bring in Capital in proportion to his profit sharing ratio will be ________.

Rs.10,000

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Rs.8,333

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Rs.16,667

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None of these

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Solution

The correct option is A Rs.10,000
To calculate the amount of capital contributed by C ,
1 - 1/6 = 5/6
5/6 is the share of A and B.
So,
30000 + 20000 = 50000 (capital of A and B)
Total capital of the firm = 50000* 6/5 = 60000
C's capital = 60000*1/6 = Rs 10000

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A and B are in partnership with Rs.30,000 and Rs. 20,000 as their respective Capitals. They admitted C as a partner for 1/6th share in profits. The amount of C's share In the Capital of the firm if he is asked to bring in Capital in proportion to his profit sharing ratio will be ________.

The correct option is A Rs.10,000To calculate the amount of capital contributed by C , 1 - 1/6 = 5/65/6 is the share of A and B.So, 30000 + 20000 = 50000 (capital of A and B) Total capital of the firm = 50000* 6/5 = 60000C's capital = 60000*1/6 = Rs 10000

The correct option is A Rs.10,000
To calculate the amount of capital contributed by C ,
1 - 1/6 = 5/6
5/6 is the share of A and B.
So,
30000 + 20000 = 50000 (capital of A and B)
Total capital of the firm = 50000* 6/5 = 60000
C's capital = 60000*1/6 = Rs 10000