Question:
Reema, Meesha and Shikha were partners in a partnership firm sharing profits and losses in the ratio of 8 : 7 : 5. On 1st October, 2023, Reema advanced a loan of \(₹ 5,00,000\) to the firm. There is no partnership deed. The firm's profit for the year ended 31st March, 2024 before charging interest on Reema's loan amounted to \(₹ 2,15,000\). The amount of profit credited to Shikha’s capital account was:
Reema, Meesha and Shikha were partners in a partnership firm sharing profits and losses in the ratio of 8 : 7 : 5. On 1st October, 2023, Reema advanced a loan of \(₹ 5,00,000\) to the firm. There is no partnership deed. The firm's profit for the year ended 31st March, 2024 before charging interest on Reema's loan amounted to \(₹ 2,15,000\). The amount of profit credited to Shikha’s capital account was:
Show Hint
If there's no deed, use 6% p.a. interest on loan and distribute remaining profits in equal or agreed ratio.
Updated On: Feb 19, 2026
- ₹ 80,000
- ₹ 70,000
- ₹ 50,000
- ₹ 42,500
Show Solution
Verified By Collegedunia
The Correct Option is D
Solution and Explanation
As there is no partnership deed, interest is payable @6% p.a. on loan as per Indian Partnership Act.
Loan advanced = ₹ 5,00,000
Period = 6 months (October to March)
Interest = ₹ 5,00,000 × 6% × 6/12 = ₹ 15,000
Profit after charging interest = ₹ 2,15,000 – ₹ 15,000 = ₹ 2,00,000
Shikha’s share = \( \frac{5}{20} \times 2,00,000 = ₹ 50,000 \) Final Answer: ₹ 50,000
Loan advanced = ₹ 5,00,000
Period = 6 months (October to March)
Interest = ₹ 5,00,000 × 6% × 6/12 = ₹ 15,000
Profit after charging interest = ₹ 2,15,000 – ₹ 15,000 = ₹ 2,00,000
Shikha’s share = \( \frac{5}{20} \times 2,00,000 = ₹ 50,000 \) Final Answer: ₹ 50,000
Was this answer helpful?
0
2
Top CBSE CLASS XII Accountancy Questions
From the following Balance Sheet of Hira Ltd. as at 31st March, 2023, prepare Comparative Balance Sheet:
- On 1st May, 2023, Amrit Ltd. issued 10,000, 10% debentures of ₹100 each at a premium of 10%, redeemable at a premium of 10%. Loss on issue of debentures will be:
- Gupta and Sharma are partners in a firm sharing profit in the ratio of 4:1. They admitted Preeti as a new partner for \( \frac{1}{4} \) share in the profits, which she acquired wholly from Gupta. The new profit sharing ratio of Gupta, Sharma, and Preeti will be:
- On the dissolution of a partnership firm, there were debtors of ₹34,000. Debtors of ₹1,000 became bad, and 60% was realized from the remaining debtors. Which account will be debited and by how much amount on the realization from debtors?
- If vendors are issued fully paid shares of ₹1,25,000 in purchase consideration of net assets of ₹1,50,000, the balance of ₹25,000 will be credited to:
View More Questions
Top CBSE CLASS XII Partnership Accounts Questions
- At the time of admission of a partner, the Balance Sheet of the firm showed a workmen compensation reserve of ₹80,000. The claim for workmen compensation was estimated at ₹1,00,000. The shortfall of ₹20,000 will be:
- Interest on capital will be provided to Aditi and Saurabh in which of the following ratio?
- Omkar and Shiva were partners in a firm. Omkar was entitled to a salary of \rupee 20,000 p.a. while Shiva was entitled to a salary of \rupee 50,000 p.a. Net profit for the year ended 31\textsuperscript{st March, 2023, after charging the salaries of Omkar and Shiva, was \rupee 5,60,000. The total amount credited to Omkar’s capital account will be:}
- Kanha, Resham, and Nisha were partners in a firm. Nisha had given a loan of \rupee 1,00,000 to the firm @ 10\% p.a. The accountant of the firm is emphasizing that interest on loan will be paid @ 6\% p.a. At what rate the interest on loan will be paid to Nisha?
- Aditya, Vishesh, and Nimesh were partners in a firm sharing profits and losses equally. Aditya died on 1\textsuperscript{st July, 2023. The remaining partners decided to continue the business of the firm and decided to share future profits in the ratio of 4:3. The gaining ratio of Vishesh and Nimesh will be:}
View More Questions
Top CBSE CLASS XII Questions
- 2, b, c are in A.P. and the range of determinant $\begin{vmatrix}1&1&1\\ 2&b&c\\ 4&b^{2}&c^{2}\end{vmatrix}$ is [2, 16]. Then find range of c is
- A boy of mass 50 kg is standing at one end of a, boat of length 9 m and mass 400 kg. He runs to the other, end. The distance through which the centre of mass of the boat boy system moves is
- A capillary tube of radius r is dipped inside a large vessel of water. The mass of water raised above water level is M. If the radius of capillary is doubled, the mass of water inside capillary will be
- A circular disc is rotating about its own axis. An external opposing torque 0.02 Nm is applied on the disc by which it comes rest in 5 seconds. The initial angular momentum of disc is
- A circular disc is rotating about its own axis at uniform angular velocity \(\omega.\) The disc is subjected to uniform angular retardation by which its angular velocity is decreased to \(\frac {\omega}{2}\) during 120 rotations. The number of rotations further made by it before coming to rest is
View More Questions