Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please do oly if u can do in 5 minutes or else let

Please do oly if u can do in 5 minutes or else let others try...

80.2K

Verified Solution

Question

Accounting

Please do oly if u can do in 5 minutes or else let others try .

image

15. X and Y are partners with a profit sharing ratio of 1 : 2 with capitals of 34,00,000 and 56,00,000 respectively. On 1st October, 2014 X and Y granted loans of 1,00,000 and 360,000 respectively to the firm. Distribute the profit/losses amongst the partners for the year ended 31st March, 2015 in each of the following cases: Case (a) If the profit before interest for the year amounted to 12,000. (b) If the profit before interest for the year amounted to 3,000. (c) If the loss before interest for the year amounted to 7,500

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students