question_answer

X and Y are partners in a firm and sharing the profit & loss equally with a capital of Rs.10,00,000 and Rs.7,00,000 respectively. Calculate the amount of profit or loss to be distributed among the partner if rent payable to partner X is Rs.10,000 per quarter and Profit for the year is Rs.30,000 before providing the rent to X. Profit/loss shared among the partners:

A) Profit: X = 15000 Y = 15000     

B) X = Nil and Y = Nil

C) Profit: X = 5000   Y = 5000 

D) Loss: X = 5000   Y = 5000