Divakshi, Palak and Unnati were partners in a firm with capitals of Rs. 50,000 ; Rs. 40,000 and Rs. 30,000 respectively carrying on business in the partnership firm. Their firm’s reported profit for the year was Rs. 80,000. As per the provision in the Indian Partnership Act, 1932. Find out the share of each partner in the profit after taking into account that no interest has been provided on an advance by Divakshi of Rs. 20,000 in addition to her capital contribution.

A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations.