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Sam, Tom and Jerry were partners sharing profits and losses equally. Sam sold a land costing Rs.5,00,000 belonging to the firm, without informing other partners and made a profit of Rs.50,000 on sale of such land. Which decision should be taken by the firm to rectify this situation?

(a) Sam needs to return only Rs.5,00,000 to the firm.

(b) Sam is required to return Rs.50,000 to the firm.

(c) Sam is required to pay back Rs.50,000 only equally to Tom and Jerry.

(d) Sam needs to return Rs.5,50,000 to the firm

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Correct option is (d) Sam needs to return Rs.5,50,000 to the firm

ExplanationSam, Tom and Jerry were partners sharing profits and losses equally. Sam sold a land costing Rs.5,00,000 belonging to the firm, without informing other partners and made a profit of Rs.50,000 on sale of such land. Sam needs to return Rs.5,50,000 to the firm

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