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Question
Aman and Bahadur are partners in a firm, and share profits and losses in the ratio of 2 : 3. The following was the balance sheet of the firm as on 31st March 2021.
Additional infornation:
The profit of ₹60,000 for the year ended 31st March 2021 was divided between the partners without allowing interest on capital at 10% p.a. and salary to Aman at ₹6,000 per quarter. During the year, Aman withdrew ₹20,000 and Bahadur withdrew ₹40,000.
Calculate the amount of net profit to be distributed between the partners.
[0.88 marks]
Aman and Bahadur are partners in a firm, and share profits and losses in the ratio of 2 : 3. The following was the balance sheet of the firm as on 31st March 2021.
Additional infornation:
The profit of ₹60,000 for the year ended 31st March 2021 was divided between the partners without allowing interest on capital at 10% p.a. and salary to Aman at ₹6,000 per quarter. During the year, Aman withdrew ₹20,000 and Bahadur withdrew ₹40,000.
Calculate the amount of net profit to be distributed between the partners.
[0.88 marks]
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Solution
The correct option is C ₹20,000
Particulars
Amount (₹)
Profit as per profit and loss account
Less: Interest on capital
Less: Salary
60,000
(16,000)
(24,000)
Distributable profit
20,000
| Particulars | Amount (₹) |
| Profit as per profit and loss account Less: Interest on capital Less: Salary |
60,000 (16,000) (24,000) |
| Distributable profit | 20,000 |
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