31. Sumit and Namit are partners sharing profits in the ratio of 3 :2. They contribute ₹1,00,000 and ₹50,000 respectively towards capital. Compute interest on capital and show distribution of profit in the following cases:

  1. When Partnership Deed is silent as to the interest on capital and profit for the year is ₹50,000
  2. When Partnership Deed provides for interest on capital @ 10% pa. and profit for the year is ₹15,000
  3. When the Partnership Deed provides for interest on capital @12% and profit for the year is ₹23,000.
  4. When the Partnership Deed provides for interest on Capital @5% pa. and loss for the year is ₹8,000
  5. When partnership Deed provides for interest on capital @ 5% pa. and profit for the year is ₹3,000
  6. When Partnership Deed provides for interest on capital a 5% pa. even if it involves the firm in loss and the profit for the year is ₹6,000

Answer :

TSG_12th Chap 1_Partership Fundamentals_Solution 31

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