Question

19. X, Y and Z are partners in a firm. Their profit sharing ratio is 5:3 : 2 However, Z is guaranteed a minimum
amount of Rs. 10,000 as share of profit every year. Any deficiency arising on that account shall be met by A. the
profits for the two years ending 31st December 2012 and 2013 were Rs. 30,000 and Rs. 90,000 respectively.
Prepare profit and loss Appropriation Account for the
two of the last five years.

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Answer 1

Answer:

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