In a partnership, the profit is shared among the partners in the ratio of their investments, provided the time period for each investment is the same.
Step 1: Find the Investment Ratio
First, we find the ratio of the investments made by Ramesh, Seema, and Shanaya:
$$\text{Ramesh} : \text{Seema} : \text{Shanaya}$$
$$1230 : 1710 : 1010$$
By dividing each term by 10 (canceling the zeros), the simplified ratio is:
$123 : 171 : 101$
Step 2: Calculate the Sum of the Ratios
To find the individual shares, we need the total number of "parts" in the profit:
$$\text{Total Parts} = 123 + 171 + 101 = 395$$
Step 3: Calculate Shanaya's Share
The total profit at the end of the year is ₹1580. Shanaya’s portion corresponds to her investment part (101) out of the total parts (395).
$$\text{Shanaya's Share} = \left( \frac{101}{395} \right) \times 1580$$
Calculation:
Divide 1580 by 395:
$$1580 \div 395 = 4$$
Multiply the result by Shanaya's ratio part:
$$101 \times 4 = 404$$
Final Answer:
Shanaya's share in the profit is ₹404.
Important Questions from Partnership Act, 1932
- Which of the following provision of the Partnership Act explains the evidentiary value of entries in the Register of Firms?
- Which of the following is correct?
The important provision affecting partnership accounting, in the absence of a partnership deed is: - Atul, Bharat, and Chetan enter into a partnership. Atul invests $₹25,000$ for 6 months, Bharat invests $₹30,000$ for 8 months, and Chetan invests $₹40,000$ for 9 months. If the total profit is $₹37,000$, what is Chetan's share of the profit?
As per Section 45 of the Indian Partnership Act, 1932, notwithstanding the dissolution of a firm, the partners continue to be liable as such to third parties for any act done by any of them which would have been an act of the firm if done before the dissolution, until:
As per Section 6 of the Indian Partnership Act, 1932, in determining whether a group of persons is or is not a firm, regard shall be had to which of the following?
