Aakriti and Bindu Entered Into Partnership For Making Garment On April 01, 2016 Without Any Partnership Agreement.

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Aakriti and Bindu entered into partnership for making garment on April 01, 2016 without any Partnership agreement. They introduced Capitals of Rs 5,00,000 and Rs 3,00,000 respectively on October 01, 2016. 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 2017 showed profit of Rs 43,000. Partners could not agree upon the question of interest and the basis of division of profit. You are required to divide the profits between them giving reason for your solution.




(i) Interest on partners loan is allowed @ 6% pa.

(ii) Interest on capital shall not be allowed.

(iii) Profits are to be distributed equally.

ParticularsAmountParticularsAmount
To Interest on Partners Loan A/cBy profit and Loss43,000
   Aakriti600
To profit transfer to partners capital Account
   Aakriti 21,200
   Bindu 21,20042,400
43,00043,000


Location: India

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