Question

A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is ₹ 2,50,000. The total interest on the partner’s drawings is ₹ 4,000. A’s salary is ₹ 4,000 per quarter, and B’s salary is ₹ 40,000 per annum. Net profit/loss earned during the year was ______.

पर्याय

• ₹ 1,98,000

• ₹ 2,98,000

• ₹ 3,02,000

• ₹ 3,06,000

Answer 1

A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is ₹ 2,50,000. The total interest on the partner’s drawings is ₹ 4,000. A’s salary is ₹ 4,000 per quarter, and B’s salary is ₹ 40,000 per annum. Net profit/loss earned during the year was ₹ 3,02,000.

Explanation:

Divisible profit as per Profit and Loss Appropriation Account = ₹ 2,50,000

A’s salary = ₹ 4,000 per quarter

= ₹ 4,000 × 4

= ₹ 16,000

B’s salary = ₹ 40,000 per annum

Total salary to partners = ₹ 16,000 + ₹ 40,000

= ₹ 56,000

Interest on drawings = ₹ 4,000

Net Profit during the year = Divisible profit + Total salary to partners − Interest on drawings

= 2,50,000 + 56,000 − 4,000

= ₹ 3,02,000