The Partnership agreement between Maneesh and Girish provides that: (A) Profits will be shared equally (B) Maneesh will be allowed a salary of Rs 400…
CUET UG 2025 — Accountancy Partnership
The Partnership agreement between Maneesh and Girish provides that:
(A) Profits will be shared equally
(B) Maneesh will be allowed a salary of Rs 400 pm
(C) Girish who manages the sales department will be allowed a commission of 10% of the net profits after deducting Maneesh's salary
(D) 7% p.a. interest will be allowed on Partner's fixed capital
(E) 5% p.a. interest will be charged on partner's annual drawings
(F) The fixed capitals of Maneesh and Girish are Rs 1,00,000 and Rs. 80,000 respectively. Their annual drawings were Rs. 16,000 and Rs 14,000 respectively. The net profit for the year ended March 31, 2018 amounted to Rs. 40,000
Calculate the profit allocated to each partner after all adjustments.
Held on 30 May 2025 · Verified 13 Jul 2026.
Options
- A
Rs 22,890 to each partner
- B
Rs 8,790 to each partner
- C
Rs 10,050 to each partner
- D
Rs 10,290 to each partner
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