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Sir I couldn't understand why â?¹10000 is deducted from net profit before giving it to ram and rahim. Pls explain
Answers (8)
CA Suraj Lakhotia Admin
10,000 is the share to new partner which will be borne by both partner. Excess will be borne only by 1 partner. Out of the balance they will distribute in 3:2
Sir but ranta is getting more profit when he admitted as partner I mean 10,000 Ie before admitted as a partner So after he has admitted as partner he is getting 11000 So he is getting 1000 extra In the question given that if ratan continue as clerk the excess amount when he admitted as partner should be shared from the profit of ram(because ram has promise to pay the guaranteed amount)am I right sir??
sai t
Sir but ranta is getting more profit when he admitted as partner I mean 10,000 Ie before admitted as a partner So after he has admitted as partner he is getting 11000 So he is getting 1000 extra In the question given that if ratan continue as clerk the excess amount when he admitted as partner should be shared from the profit of ram(because ram has promise to pay the guaranteed amount)am I right sir??
Yes. Upto 10,000 will be borne by both partners.
CA Suraj Lakhotia Admin
Yes. Upto 10,000 will be borne by both partners.
Sir but when ratan is admitted as partner he is only getting 1000 extra so ram should contribute that extra amount to ratan from the profit he getting from firm But why 10,000 is borne by both partners sir??
sai t
Sir but when ratan is admitted as partner he is only getting 1000 extra so ram should contribute that extra amount to ratan from the profit he getting from firm But why 10,000 is borne by both partners sir??
Out of total profits three partners would share. First 10,000 is kept aside for new partner.
CA Suraj Lakhotia Admin
Out of total profits three partners would share. First 10,000 is kept aside for new partner.
But usually we don't do like this know sir then why. For this sum
CA Suraj Lakhotia Admin
Out of total profits three partners would share. First 10,000 is kept aside for new partner.
Sir but 10,000 is salary what he is getting after deducting salary and commission When he admitted as partner he is getting profit of 11,000 but in question it was given that when he continue as clerk he should get 1000 from partner IE ram so ram is alone borne by 1000 only sir I thought that after deducting salary and commission from the profit then profit what is getting should distribution between partners Am I right sir??
sai t
Sir but 10,000 is salary what he is getting after deducting salary and commission When he admitted as partner he is getting profit of 11,000 but in question it was given that when he continue as clerk he should get 1000 from partner IE ram so ram is alone borne by 1000 only sir I thought that after deducting salary and commission from the profit then profit what is getting should distribution between partners Am I right sir??
1,10,000 is before distribution of profits. Out of this new partner would get 11,000. In this 1,000 is only to be borne by Ram. Total profit 1,10,000 Less: Share of new partner 10,000 Balance 1,00,000
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