Question

22. (Guarantee) 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 10,000 as share of profit every year.
Any
deficiency arising on that account shall be met by X. The profits for two years
ending 31st December 2015 and 2016 were 40,000 and 60,000 respectively. Prepare
profit and loss appropriation account for the two years.​

Answer 1

Explanation:

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