Akhil and Bimal are partners sharing profits in the ratio of 3 : 2. Akhil gave a loan to the firm of ₹ 1,00,000 on 1st January 2025. On the same date, the firm gave a loan to Bimal of ₹ 1,00,000. They do not have an agreement as to interest.
Akhil had also given his personal property for the firm’s godown at a monthly rent of ₹ 5,000.
Firm earned a profit of ₹ 1,03,000 (before the above adjustments) for the year ended 31st March 2025. Show the distribution of profit for the year.
Solution
