Practicing Success
A, B and C are partners in a firm sharing profits and losses in ratio of 2:2:1. Their capital accounts stood at ₹30000, ₹15000 and ₹15000 respectively at the starting of business on 1st April,2021. As per the oral agreement between partners, C was allowed salary of ₹250 per month and interest on capitals of all partners was allowed at the rate of 5 % p.a. Net profit earned for the year is ₹18000 which was distributed between partners equally, ignoring the interest and salary clause. |
What amount of salary was given to C for the whole year? |
₹3000 ₹2000 ₹2500 ₹1500 |
₹3000 |
Salary per month is ₹250 Total salary for the whole year is 250*12= ₹3000 |