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Question
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There are three partners in a partnership firm. The total of their current accounts at the start of the year was ₹ 18,000 and at the end of the year was ₹ 32,000. Total drawings for the year amount to ₹ 22,000 and the total partners' salaries are ₹ 13,000. |
What is the profit for the year distributed between the partners?
Numerical
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Solution
Profit = Closing balance of Current A/cs + Drawings – Salaries – Opening balance of Current A/cs
= 32,000 + 22,000 – 13,000 – 18,000
= ₹ 23,000
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