SELECT * FROM question_mgmt as q WHERE id=5490 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=11 AND chapterId=135 and ex_no='3' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th accountancy Accounting for Partnership : Basic Concepts priya and kajal are partners in a firm sharing pr

Question:

Priya and Kajal are partners in a firm, sharing profits and losses in the ratio of 5:3. The balance in their fixed capital accounts, on April 1, 2016 were: Priya, Rs. 6,00,000 and Kajal, Rs. 8,00,000. The profit of the firm for the year ended March 31, 2017 was Rs, 1,26,000. Calculate their shares of profits: (a) when there is no agreement in respect of interest on capital, and (b) when there is an agreement that the interest on capital will be allowed @ 12% p.a.

Answer:

(a) Profit : Priya, Rs. 78,750; Kajal, Rs. 47,250
(b) Profit NIL. Interest on capital: Priya, Rs. 54.000; Kajal, Rs. 72,000


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