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Partnership account

Sir I couldn't understand why â?¹10000 is deducted from net profit before giving it to ram and rahim. Pls explain

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Sri kanaga Varshini

Sri kanaga Varshini

CA Inter

2K+

26-Oct-20

68

Answers (8)

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


Suraj Lakhotia

Suraj Lakhotia

Admin

27-Oct-20

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

sai t

CA Foundation

305

27-Oct-20

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

sai t

CA Foundation

305

27-Oct-20

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


Thread Starter

Sri kanaga Varshini

Sri kanaga Varshini

CA Inter

2K+

28-Oct-20

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

sai t

CA Foundation

305

28-Oct-20

All the Best
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