In the absence of partnership deed, profits and losses will be distributed equally among the partners Answers 10 – a) Equal Fundamentals of Partnership class 12 MCQ – Explanation 11In the absence of partnership deed, no interest in allowed on capital and no interest isWN 2 Calculation of Profit Share of each Partner In the absence of partnership deed, profits of a firm are distributed equally among all the partners Pofit of A Page No 280 Question 7 A and B are partners in a firm sharing profits in the ratio of 3 2 They had advanced to the firm a sum of ` 30,000 as a loan in their profitsharing ratio on 1st October, 17 The Partnership Deed is silent Their fixed capitals were A ₹ 9,00,000 and B ₹ 4,00,000 The partnership deed provided the following (i) Interest on capital @ 10% pa (ii) A's salary ₹ 50,000 per year and B's salary ₹ 3,000 per month Profit for the year ended 31st March 19 ₹ 2,78,000 was distributed without providing for interest on capital and partner's
Accounting For Partnership Firms Fundamentals Part 1 Notes Edurev
