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Akhil ans Bimal are partner sharing …

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Akhil ans Bimal are partner sharing profit in the ratio of 2:3 Akhil gave loan to the firm of ₹100000 on 1st October,2020. On the same date ,the firm gave loan to Bimal of ₹100000 . They do not have an agreement as to interest . Akhil had also given the personal properly for firm's godown at a monthly rent of ₹5,000. Firm earns profit of ₹1,03,000(before above adjustments) for the year ended 31st March ,2021.Show the distribution of profit for the year.

Posted by Shreya Gupta 4 years, 7 months ago

CBSE > Class 12 > Accountancy

1 answers

Shubhi Gupta 4 years, 7 months ago

Make P&L A/c To I.O.L by profit 1,03,000 Akhil - 3000 Bimal- nil To Rent 60,000 To net profit 40,000 Make P&L App. A/c In cr. Side By net profit 40,000 In dr. side To divisable profit Akhil - 40,000 *2/5 = 16000 Bimal - 40,000*3/5= 24000 W.N. 1. Calculation of I.O.L I.O.L = loan amt.*rate*time/100*12 Akhil - 1,00,000*6*6/100*12 =3000 Rent = 5000*12 = 60,000

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