Question

Omkar and Shiva were partners in a firm. Omkar was entitled to a salary of \rupee 20,000 p.a. while Shiva was entitled to a salary of \rupee 50,000 p.a. Net profit for the year ended 31\textsuperscript{st March, 2023, after charging the salaries of Omkar and Shiva, was \rupee 5,60,000. The total amount credited to Omkar’s capital account will be:}

• A. \rupee 2,45,000
• B. \rupee 2,65,000
• C. \rupee 3,15,000
• D. \rupee 3,00,000

Hint:

When calculating the amount credited to a partner's capital account, always include fixed entitlements like salary along with their share in the divisible profit.

Answer 1

The Correct Option is D

Step 1: Calculate the total profit before salaries:
Net profit after salaries is \rupee 5,60,000. To find the total profit before charging salaries: \[ \text{Total Profit Before Salaries} = \rupee 5,60,000 + \rupee 20,000 + \rupee 50,000 = \rupee 6,30,000. \] Step 2: Calculate the divisible profit:
The divisible profit after paying salaries remains \rupee 6,30,000 (as salaries are already deducted). Assuming a profit-sharing ratio of \(1:1\): \[ \text{Omkar’s Share in Profit} = \frac{\rupee 6,30,000}{2} = \rupee 3,15,000. \] Step 3: Calculate the total amount credited to Omkar:
Omkar’s entitlement includes his salary plus his share in the divisible profit: \[ \text{Total Amount Credited} = \rupee 20,000 + \rupee 3,15,000 = \rupee 3,00,000. \] Conclusion:
The total amount credited to Omkar’s capital account is \( \rupee 3,00,000 \).