12th Class
Accountancy
Fundamentals of Partnership
Question Bank
MCQs - Accounting for Partnership Firm - Fundamentals
question_answer
A and B started business in partnership on 01.07.2020. They contributed capital Rs.5,00,000 and Rs.3,00,000 respectively. Profits/losses will be shared in the ratio of 3:2. A was in need of funds and hence took a loan of Rs.1,00,000 from the firm on 01.12.2020 at an agreed rate of interest being 12% p.a. Interest on capital (Charge) is to be allowed @ 10% p.a. Profit for the year ended 31st March, 2021 amounted to Rs.1,50,000 before charging interest on loan to A. A's share of profit will be: [CBSE 2019 C Modified]