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Question
| Shruti and Vandna were partners. Their capitals as on 1st April 2023 were ₹ 3,00,000 and ₹ 2,00,000, respectively. Interest on capital is to be allowed @ 8% p.a. as a charge. On 1st November 2023, Shruti advanced ₹ 2,00,000 as a loan to the firm, and on the same date, the firm advanced a loan of ₹ 80,000 to Vandna. Both the loans were without an agreement. The loss for the year ending 31st March, 2024, before allowing and charging interest on the loan, was ₹ 35,000. |
Based on the above information, choose the correct answer:
Shruti’s share of the loss will be ______.
Options
₹ 48,000
₹ 40,000
₹ 40,500
₹ 48,600
MCQ
Fill in the Blanks
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Solution
Shruti’s share of the loss will be ₹ 40,000.
Explanation:
| ₹ | |
| Loss for the year | 35,000 |
| Add: Interest on Capital: | |
| Shruti: 8% on 3,00,000 | 24,000 |
| Vandna: 8% on 2,00,000 | 16,000 |
| Add: Interest on Loan: `2,00,000 xx 6/100 xx 5/12` |
5,000 |
| 80,000 |
Shruti’s share of loss = `80,000 xx 1/2`
= ₹ 40,000
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