In a partnership firm, partners share profit and loss in the ratio of 3:2. If the firm incurred a loss of ₹10,000 during the year then calculate the amount of loss to be shared by partners.
Answer & explanation
Correct answer: option 2
The correct answer is option 2- According to profit sharing ratio.
The profit sharing ratio is the ratio in which profits and losses both are shared by the partners. So this loss of ₹10,000 will be shared by partners in 3:2.