Question

Ananya and Mukti are partners in a firm. On 1st April, 2023 their fixed Capitals were ₹ 6,00,000 and ₹ 4,00,000 respectively. On Ist January, 2024, Ananya granted a loan of ₹ 2,00,000 to the firm. Mukti had allowed the firm to use her property for business for a monthly rent of ₹ 15,000. The partnership deed provides that interest on capital will be allowed @ 8% p.a. and Mukti is to be allowed a salary of ₹ 10,000 per month. The firm earned a profit of ₹ 63,000 for the year ended 31st March 2024 before any of the above adjustment is made.

Based on the above information you are required to answer the following question:

Mukti's share of net loss will be ______.

Options

• ₹ 24,000

• ₹ 64,000

• ₹ 1,60,000

• ₹ 60,000

Answer 1

Mukti's share of net loss will be ₹ 60,000.

Explanation:

Net Profit before adjustments = ₹ 63,000

Less (Charges against Profit):

• Rent = ₹ 15,000 × 12 = ₹ 1,80,000
• Interest on Loan = ₹ 2,00,000 × 6% × `3/12` = ₹ 3,000

Adjusted Net Loss = ₹ 1,20,000

Equal sharing (no ratio given):

• Mukti's share = ₹ 1,20,000 ÷ 2 = ₹ 60,000