P Q amp R are partners having capital Rs 80 000 Rs 70 000 amp Rs 50 000 The profit of the partnershi...........

General Accounting Principles Partnership

P,Q & R are partners having capital Rs. 80,000 , Rs.70,000 & Rs. 50,000. The profit of the partnership firm after paying salary to R Rs. 30,000 but before charging commission to S @ 10% on net profit is Rs. 50,000. A loan has been advanced to a partner Q of Rs. 10,000. The profit of each partner is-

Rs. 15000 each for P, Q & R

Rs. 14000 each for P,Q& R

P-20000, Q-17,500 , R- 12,500

None of the above

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Explanation:

Actual Profit -RS 50,000+ RS. 30000 = Rs. 80000

The net profit Rs. 50000 was after charging the salary and commission paid to the partner is on net profit. hence actual profit is calculated. commission to S = 80,000*10%= Rs. 8,000

Profit available for distribution = Rs. 80,000- Rs. 30,000- Rs. 8000= RS.42000

SHARE OF EACH PARTNER = 42000/3 = Rs. 14,000