12th Class
Accountancy
Fundamentals of Partnership
Question Bank
MCQs - Accounting for Partnership Firm - Fundamentals
question_answer
A and B are partners entered into the partnership on 01.10.2020 with a capital of Rs.2,00,000 and Rs.1,00,000 respectively. Interest on capital is to be provided @ 10% p.a. as per the Partnership deed, but it is silent about profit sharing Ratio. Profit for the year ended 31.03.2021 is Rs.16,000 before providing the above. B's Share of profit/loss will be: