9 :- Akhil and Bimal are partners sharing profits in the ratio of 3 : 2. Akhil gave a loan to the firm of Rs 1,00,000 on 1st January 2025. On the same date, the firm gave a loan to Bimal of Rs 1,00,000. They do not have an agreement as to interest.
Akhil had also given his personal property for the firm’s godown at a monthly rent of Rs 5,000.
The firm earned a profit of Rs 1,03,000 (before the above adjustments) for the year ended 31st March 2025. Show the distribution of profit for the year.
Solution :- Interest payable on loan by Akhil = 100,000 x 3/12 x 6/100 = Rs 1,500
Rent payable to Akhil = 5,000 x 12 = Rs 60,000
Distributable profit = profit for the year – interest and rent payable to Akhil
= 103,000 – 60,000 – 1,500
= Rs 41,500
Akhil’s share in profits = 41,500 x 3/5 = Rs 24,900
Bimal’s share of profit = 41,500 x 2//5 = Rs 16,600.