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 11, 2025
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