X,Y,&Z are partners in a firm .At the time of division of profit for the year there was dipute araises between the partners.profits before interest on partners's loan was rs 6000 and Y determined interest @ 24 % p.a. on his loan of 80000.there was no agreement on this point.calculate the amount payable to X,Y & Z respectively.
pls ans and explain
As per Partnership Act, when there is no mention about interest to be paid to partners, such interest cannot exceed 6%. Accordingly Y can demand interest only to the extent of 6%.
After payment of 6% interest, the profit is to be shared by all the partners at the agreed profit sharing ratio.
Natesh
| Originally posted by : khushboo | ||
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.If there is no agreement regarding the rate of interest, it is taken as 6% p.a. hence interest on loan = 80000*6%= 4800 and profit after interest = 6000-4800 = 1200 |
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calculate the amount payable to X,Y & Z respectively. ?
| Originally posted by : khushboo | ||
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Rs. 1200 is divided equally among the three partners I.e. rs. 400 each |
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but the options given in the book is
A)RS 2000 to each partne
b) Loss of Rs 4400 for x and Z and Rs 400 for Y
c)Rs 400 -x , 5200-Y ,&400 -Z
d) Rs 2400 to each partner
which is right and how?
P sent out goods costing Rs 45000 to Y at cost +33.33.1/10th of the goods were lost in transit.2/3rd of the goods recceived are sold at 20 % above invoice price. the amount of sale value will be?
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