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Q.6. A and B are partner …

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Q.6. A and B are partner in a firm sharing profits in the ratio of 3:2. Their capitals on 1st Jan. 2007 were Rs.70000 and Rs. 50000 respectively. They decided to allow interest on capital @ 10% per annum. The profit of the firm before charging interest on capital amounted to Rs.9600. Show the distribution of profits: (a) When there is no agreement except for interest on capital. (b) When there is a clear agreement that interest on capital will be allowed even if the firm incurred a loss.

Posted by Animesh Jain 3 years, 10 months ago

CBSE > Class 12 > Accountancy

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