Multiple Choice Questions on Vidit and Seema were partners in a firm sharing profits and losses in the ratio of 3 2 The........... for Commerce 12th Preparation

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Multiple Choice Questions

Vidit and Seema were partners in a firm sharing profits and losses in the ratio of 3 2 The...........

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    Vidit and Seema were partners in a firm sharing profits and losses  in the ratio of 3 : 2. Their capitals were rs 1,20,000 and rs 2,40,000,  respectively. They were entitled to interest on capitals @10% p.a.  The firm earned a profit of rs 18,000 during the year. The interest on  Vidit's capital will be:

    rs 12,000

    Incorrect Answer

    rs 10,800

    Incorrect Answer

    rs 7,200 

    Incorrect Answer

    rs 6,000

    Correct Answer
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    Explanation:

    - Vidit's capital = Rs 1,20,000 , Seema's Capital = Rs 24,00,000

    - Interest on Vidit's capital would be Rs 1,20,000 x 10% = Rs 12,000, Interest on Seema's capital would be = Rs 24,00,000 x 10% = 24,000

    - The firm earned a total profit of Rs 18,000.

    - Profits are lower than the interest due to each partner, thus only available profits can be distributed in

       the ratio of Interest on capital (or capital contributed) = 1:2

      Vidit = (1/3) x Rs 18,000 = Rs 6,000 and Seema = (2/3) x Rs 18,000 = Rs 12,000

    - Vidit's share covers his available interest as Rs 6,000.

    By: santosh
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