Question
Download Solution PDFThe profit for the year before appropriation in a partnership firm was Rs. 50,000. Shagun, one of the partners, receives a salary of Rs. 4,000 and interest at 10 percent per annum on his capital of Rs. 1,00,000. Amir. the other partner receives interest on capital at the same rate as Shagun. Amir's capital was Rs. 89,000. They share profits and losses equally. What was the total share of profits credited to Amir‘s current account?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Rs. 22,450
Important Points
| Particulars | ₹ |
| Profit for the year before appropriation | 50,000 |
| (-) Shagun's salary | (4,000) |
| (-) Interest on Shagun's capital | (10,000) |
| (-) Interest on Amir's capital | (8,900) |
| Profit for the year after appropriation | 27,100 |
| Amir's total share [(27,100 × 1/2) + 8,900] | 22,450 |
Last updated on Jun 6, 2025
-> The UGC NET Exam Schedule 2025 for June has been released on its official website.
-> The UGC NET Application Correction Window 2025 is available from 14th May to 15th May 2025.
-> The UGC NET 2025 online application form submission closed on 12th May 2025.
-> The June 2025 Exam will be conducted from 21st June to 30th June 2025
-> The UGC-NET exam takes place for 85 subjects, to determine the eligibility for 'Junior Research Fellowship’ and ‘Assistant Professor’ posts, as well as for PhD. admissions.
-> The exam is conducted bi-annually - in June and December cycles.
-> The exam comprises two papers - Paper I and Paper II. Paper I consists of 50 questions and Paper II consists of 100 questions.
-> The candidates who are preparing for the exam can check the UGC NET Previous Year Papers and UGC NET Test Series to boost their preparations.