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Zorluk: OrtaNature of Partnership and Provisions of Partnership Deed

Tunde and Zainab established a commercial partnership on 1st January 2025 without executing a formal partnership deed. Tunde contributed ₦8,000,000₦8,000,000 and Zainab contributed ₦4,000,000₦4,000,000 as capital. On 1st July 2025, Zainab advanced an additional loan of ₦2,000,000₦2,000,000 to the firm. For the financial year ended 31st December 2025, the profit before accounting for loan interest was ₦3,850,000₦3,850,000. Under the provisions of the Partnership Act 1890, what is Zainab's share of the residual profit in Naira (₦₦)?

Cevap: 1900000 ₦

Cevap

Zainab's share of the residual profit is ₦1,900,000₦1,900,000.
Under the statutory default rules of the Partnership Act 1890, a partner who advances a loan to the firm is entitled to 5% interest per annum. For 6 months (1st July to 31st December), interest equals ₦2,000,000 × 5% × 6/12 = ₦50,000. Since loan interest is a charge against profit, the net distributable profit becomes ₦3,850,000 − ₦50,000 = ₦3,800,000. In the absence of a written deed, profits are shared equally regardless of capital contributions. Thus, Zainab's share is ₦3,800,000 ÷ 2 = ₦1,900,000.

Adım Adım Çözüm

1
Calculate statutory interest on partner loan
Interest on loan = ₦50,000₦50,000
Under the Partnership Act 1890, in the absence of an agreement, a partner advancing a loan beyond their capital is entitled to 5% interest per annum. For 6 months: ₦2,000,000×0.05×612=₦50,000₦2,000,000 \times 0.05 \times \frac{6}{12} = ₦50,000.
2
Deduct loan interest to find net distributable profit
Distributable profit = ₦3,800,000₦3,800,000
Interest on a partner's loan is a charge against profit (debited to Profit and Loss Account), not an appropriation of profit. Subtracting ₦50,000₦50,000 from ₦3,850,000₦3,850,000 leaves ₦3,800,000₦3,800,000.
3
Distribute residual profit equally between partners
Zainab's share of profit = ₦1,900,000₦1,900,000
In the absence of a partnership deed, profits must be shared equally among partners regardless of differences in capital contribution ratios. Dividing ₦3,800,000₦3,800,000 by 2 equals ₦1,900,000₦1,900,000.

Anahtar Kavram

Statutory default provisions under the Partnership Act 1890 regarding 5% per annum interest on partner loan as a charge against profit and equal profit sharing.
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Nature of Partnership and Provisions of Partnership Deed

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