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Aakriti and Bindu entered into partnership …

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Aakriti and Bindu entered into partnership for making garment on April 01 , 2015 without any partnership agreement. They introduced Capitals of Rs. 5,00,000 and Rs.3,00,000 respectively on October 01, 2015 . Akriti advanced.Rs. 20,000 by way of loan to the firm without any agreement as to interest . Profit and loss account for the year ended March 2016 showed profit of Rs. 43,000. Partners could not agree upon the question of interest and the basis of division of profit .you are required to divide the profits between them giving reason for your solution.

Posted by Riya Kanpuriya 6 years, 7 months ago

CBSE > Class 12 > Accountancy

1 answers

Rashida Khan 6 years, 7 months ago

Interest on loan will be given to Akriti @6% p.a. and profit will be devide equally among the partners according to Indian partnership act 1932 section 4

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