Aakriti and Bindu entered into partnership for making garment on April 01, 2004 without any partnership agreement. They introduced capitals of Rs 5,00,000 and Rs 3,00,000 respectively on October 01, 2006. Aakriti advanced Rs 20,000 by way of loan to the firm without any agreement as to interest. Profit and loss account for the year ended March 2007 showed profit of Rs 43,000. Partners could not agree upon the question of interest and the bases of division of profit. You are required to divide the profits between them giving reason for your solution.
Standard XII
Business Studies
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7 months ago
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Aakriti and Bindu entered into partnership for making garment on April 01, 2004 without any partnership agreement. They introduced capitals of Rs 5,00,000 and Rs 3,00,000 respectively on October 01, 2006. Aakriti advanced Rs 20,000 by way of loan to the firm without any agreement as to interest. Profit and loss account for the year ended March 2007 showed profit of Rs 43,000. Partners could not agree upon the question of interest and the bases of division of profit. You are required to divide the profits between them giving reason for your solution.
Posted on 02 Apr 2024, this text provides information on Standard XII related to Business Studies. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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