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Question
Match the following items:
| (i) | X and Y are partners. The net divisible profit as per Profit & Loss Appropriation Account is ₹ 2,50,000. The total interest on Partner's Drawings is ₹ 4,000. X's salary is ₹ 4,000 per quarter and Y's salary is ₹ 40,000 per annum. What will be the net profit or loss earned during the year? | (a) | ₹ 2,50,000 |
| (ii) | X and Y are partners. The net divisible profit as per Profit & Loss Appropriation Account is ₹ 2,50,000. The total interest on partner's drawings is ₹ 4,000. X's salary is ₹ 4,000 per quarter and Y's salary is ₹ 40,000 per annum. What will be Y's share of profit? | (b) | ₹ 1,25,000 |
| (c) | ₹ 3,02,000 | ||
| (d) | ₹ 3,06,000 |
Match the Columns
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Solution
| (i) | Xand Y are partners. The net divisible profit as per Profit & Loss Appropriation Account is ₹ 2,50,000. The total interest on Partner's Drawings is ₹ 4,000. X's salary is ₹ 4,000 per quarter and Y's salary is ₹ 40,000 per annum. What will be the net profit or loss earned during the year? | (c) | ₹ 3,02,000 |
| (ii) | X and Y are partners. The net divisible profit as per Profit & Loss Appropriation Account is ₹ 2,50,000. The total interest on partner's drawings is ₹ 4,000. X's salary is ₹ 4,000 per quarter and Y's salary is ₹ 40,000 per annum. What will be Y's share of profit? | (b) | ₹ 1,25,000 |
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