Class 12th Account chapter 1 question 10 solution (ts grewal)

Question 10:

Akhil and Bimal are partners sharing profits in the ratio of 3:2.

Akhil gave loan to the firm of ₹1,00,000 on 1st January, 2024.

On the same date, the firm gave loan to Bimal of ₹1,00,000. They do not have an agreement as to interest.

Akhil had also given his personal property for the firm’s godown at a monthly rent of ₹5,000.

The firm earned a profit of ₹1,03,000 (before above adjustments) for the year ended 31st March, 2024.

Show the distribution of profit for the year.

[Answer: ₹41,500 (₹1,03,000 – ₹1,500 [interest on loan by Akhil] – ₹60,000 [rent])

will be distributed in the ratio of 3:2:

Akhil – ₹24,900; Bimal – ₹16,600]