Partnership

Accounting

Easy

common

Neha contributed Rs. 30,000 and Saloni Rs. 90,000 as capital. What will be Saloni's share in profits if the partnership agreement is silent?

One third of total profit.

One fourth of total profit.

Half of total profit.

Two third of total profit.

✅ Correct Option: 3

When a partnership agreement is silent about the profit-sharing ratio, as per the Indian Partnership Act, 1932, partners share profits equally irrespective of their capital contributions.

Given:

Neha's Capital = Rs. 30,000
Saloni's Capital = Rs. 90,000
Partnership agreement is silent on profit sharing

Since there is no agreement regarding profit distribution, both partners will share profits in equal proportion.

Number of partners = 2

Saloni's share in profits = $\frac{1}{2}$ = Half of total profit

It's important to note that profit sharing in the capital ratio (3:9 or 1:3) would only apply if the partnership deed specifically mentions it. In the absence of any such clause, the default rule of equal sharing applies regardless of how much capital each partner has contributed.

Correct Option: 3 (Half of total profit)

2026: 19 May Shift 1

Krishna, Sandeep and Karim are partners sharing profits in the ratio of 3:2:1. Their fixed capitals are: Krishna Rs. 1,20,000, Sandeep 90,000 and Karim 60,000. For the year 2024-25, interest was credited to them at @ 8% p.a. instead of 5% p.a. Find the amount transferred from Karim to Krishna's current account as an adjustment.

2026: 20 May Shift 1

Which Accounting Standard (AS) defines an intangible asset, as an identifiable, non-monetary, without physical existence and held for use in the production or supply of goods or services for rental to others or for administrative purposes?

2025: 29 May Shift 2

The steps followed for calculating interest on drawing in the product method are.

(A) Calculate number of month for which interest is due on each drawing

(B) List down amount of drawing in decending order in a table..

(D) Calculate product for each drawing by multiplying amount and number of month.

Choose the correct answer from the options given below:

2025: 24 May Shift 1

Sumit, a partner in Tours and Travels withdrew money during the year ending March 31, 2020 from his capital account, for his personal use. Calculate interest on drawings at simple rate of interest of 10 percent per annum and if an amount of Rs. 4,000 per month was withdrawn by sumit at the end of each month.

2026: 29 May Shift 1

Which of the following factors does not affect the value of goodwill?

2025: 3 June Shift 2

Calculate interest on drawing if Ram withdrew Rs. 3,000 per month at the beginning of each month for the whole year, if interest on drawing is charged @ 9 % per annum.

Neha contributed Rs. 30,000 and Saloni Rs. 90,000 as capital. What will be Saloni's share in profits if the partnership agreement is silent?

Solution

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