Question
Nandini, Shreya and Ujjwal are partners in a firm. At the time of the division of profit for the year, there was a dispute between
Nandini, Shreya and Ujjwal are partners in a firm. At the time of the division of profit for the year, there was a dispute between the partners. Profit before interest on partner’s capital was Rs. 6,000 and Shreya determined interest @24% Per Annum on her loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to Nandini, Shreya, and Ujjwal respectively.
- 400 for Nandini; Rs. 5,200 for Shreya and Rs. 400 for Ujjwal
- 2000 to each partner
- Loss of Rs. 4,400 for Nandini and Ujjwal; Shreya will take Rs. 14,800
- None of the above
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
