| X and Y are partners sharing profits & Losses equally. |
| Loan given by Mrs. Y @ 10% p.a. to the firm on 1st April 2020 ......................2,00,000 |
| Loan given by X to the firm on 1st October 2020 ............................................1,00,000 |
| There is no partnership deed. Profit for the year ending 31st March 2021 was Rs.8,000. |
| Profit/loss shared by the partners: |
A) Profit Rs.4,000 to X and Rs.4,000 to Y
B) Loss Rs.4,000 to X and Rs.4,000 to Y
C) Loss Rs.7,500 to X and Rs.7,500 to Y
D) Loss Rs.3,500 to X and Rs.3,500 to Y
Correct Answer: C
Solution :
Loss Rs.7,500 to X and Rs.7,500 to Y
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