{"id":46473,"date":"2024-04-15T22:12:51","date_gmt":"2024-04-15T22:12:51","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=46473"},"modified":"2024-04-15T22:12:51","modified_gmt":"2024-04-15T22:12:51","slug":"a-b-and-c-were-partners-with-a-capital-of-rs-50000-rs-40000-and-rs-30000-respectively-carrying-on-business-in-partnership-the-firms-reported-profit-for-the-year-was-rs-80000-as-per-the","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/a-b-and-c-were-partners-with-a-capital-of-rs-50000-rs-40000-and-rs-30000-respectively-carrying-on-business-in-partnership-the-firms-reported-profit-for-the-year-was-rs-80000-as-per-the\/","title":{"rendered":"A, B and C were partners with a capital of Rs. 50,000; Rs. 40,000 and Rs. 30,000, respectively, carrying on business in partnership. The firm&#8217;s reported profit for the year was Rs. 80,000. As per the provision of the Indian Partnership Act, 1932, find the share of each partner in the above amount, taking into consideration that interest has not been provided on an advance of Rs. 20,000 by A in addition to his capital contribution."},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a976cf48fbc0\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    Rs. 26,267 for partner B and C, and Rs. 27,466 for partner A                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Rs. 26,667 each partner                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"true\">\r\n                    Rs. 33,333 for partner A, Rs. 26,667 for partner B and Rs. 20,000 for partner C                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    Rs. 30,000 for each partner.                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>C. Rs. 33,333 for partner A, Rs. 26,667 for partner B and Rs. 20,000 for partner C.<\/strong><\/p>\n<p>The Indian Partnership Act, 1932, <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> does not provide for interest on capital. However, it does provide for interest on advances made by partners. In this case, A has made an advance of Rs. 20,000. As per the <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> Act, interest on this advance will be payable at the rate of 6% per annum.<\/p>\n<p>The profit of the firm for the year is Rs. 80,000. This amount will be divided among the partners in the ratio of their capitals, plus interest on advances. The capitals of the partners are:<\/p>\n<ul>\n<li>A: Rs. 50,000<\/li>\n<li>B: Rs. 40,000<\/li>\n<li>C: Rs. 30,000<\/li>\n<\/ul>\n<p>The interest on A&#8217;s advance is:<\/p>\n<ul>\n<li>20,000 * 6\/100 * 1 = Rs. 1200<\/li>\n<\/ul>\n<p>The total amount of capital and interest for each partner is:<\/p>\n<ul>\n<li>A: 50,000 + 1200 = Rs. 51,200<\/li>\n<li>B: 40,000 + 0 = Rs. 40,000<\/li>\n<li>C: 30,000 + 0 = Rs. 30,000<\/li>\n<\/ul>\n<p>The share of each partner in the profit is:<\/p>\n<ul>\n<li>A: 80,000 * 51200\/120000 = Rs. 33,333<\/li>\n<li>B: 80,000 * 40000\/120000 = Rs. 26,667<\/li>\n<li>C: 80,000 * 30000\/120000 = Rs. 20,000<\/li>\n<\/ul>\n<p>Therefore, the share of each partner in the above amount is:<\/p>\n<ul>\n<li>A: Rs. 33,333<\/li>\n<li>B: Rs. 26,667<\/li>\n<li>C: Rs. 20,000<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A, B and C were partners with a capital of Rs. 50,000; Rs. 40,000 and Rs. 30,000, respectively, carrying on business in partnership. The firm&#039;s reported profit for the year was Rs. 80,000. As per the provision of the Indian Partnership Act, 1932, find the share of each partner in the above amount, taking into consideration that interest has not been provided on an advance of Rs. 20,000 by A in addition to his capital contribution.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/a-b-and-c-were-partners-with-a-capital-of-rs-50000-rs-40000-and-rs-30000-respectively-carrying-on-business-in-partnership-the-firms-reported-profit-for-the-year-was-rs-80000-as-per-the\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A, B and C were partners with a capital of Rs. 50,000; Rs. 40,000 and Rs. 30,000, respectively, carrying on business in partnership. 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The firm's reported profit for the year was Rs. 80,000. As per the provision of the Indian Partnership Act, 1932, find the share of each partner in the above amount, taking into consideration that interest has not been provided on an advance of Rs. 20,000 by A in addition to his capital contribution.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/a-b-and-c-were-partners-with-a-capital-of-rs-50000-rs-40000-and-rs-30000-respectively-carrying-on-business-in-partnership-the-firms-reported-profit-for-the-year-was-rs-80000-as-per-the\/","og_locale":"en_US","og_type":"article","og_title":"A, B and C were partners with a capital of Rs. 50,000; Rs. 40,000 and Rs. 30,000, respectively, carrying on business in partnership. The firm's reported profit for the year was Rs. 80,000. 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The firm's reported profit for the year was Rs. 80,000. As per the provision of the Indian Partnership Act, 1932, find the share of each partner in the above amount, taking into consideration that interest has not been provided on an advance of Rs. 20,000 by A in addition to his capital contribution.","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-04-15T22:12:51+00:00","dateModified":"2024-04-15T22:12:51+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/a-b-and-c-were-partners-with-a-capital-of-rs-50000-rs-40000-and-rs-30000-respectively-carrying-on-business-in-partnership-the-firms-reported-profit-for-the-year-was-rs-80000-as-per-the\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/a-b-and-c-were-partners-with-a-capital-of-rs-50000-rs-40000-and-rs-30000-respectively-carrying-on-business-in-partnership-the-firms-reported-profit-for-the-year-was-rs-80000-as-per-the\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/a-b-and-c-were-partners-with-a-capital-of-rs-50000-rs-40000-and-rs-30000-respectively-carrying-on-business-in-partnership-the-firms-reported-profit-for-the-year-was-rs-80000-as-per-the\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"mcq","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/"},{"@type":"ListItem","position":3,"name":"accounting","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/accounting\/"},{"@type":"ListItem","position":4,"name":"A, B and C were partners with a capital of Rs. 50,000; Rs. 40,000 and Rs. 30,000, respectively, carrying on business in partnership. The firm&#8217;s reported profit for the year was Rs. 80,000. As per the provision of the Indian Partnership Act, 1932, find the share of each partner in the above amount, taking into consideration that interest has not been provided on an advance of Rs. 20,000 by A in addition to his capital contribution."}]},{"@type":"WebSite","@id":"https:\/\/exam.pscnotes.com\/mcq\/#website","url":"https:\/\/exam.pscnotes.com\/mcq\/","name":"MCQ and Quiz for Exams","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/exam.pscnotes.com\/mcq\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209","name":"rawan239","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/d97f17072bfa490596c8f78363955d55?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d97f17072bfa490596c8f78363955d55?s=96&d=mm&r=g","caption":"rawan239"},"sameAs":["https:\/\/exam.pscnotes.com"],"url":"https:\/\/exam.pscnotes.com\/mcq\/author\/rawan239\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/46473"}],"collection":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/comments?post=46473"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/46473\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=46473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=46473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=46473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}