Question

24
say. Vijay and Karan were partners of an architect firm sharing profits in the ratio of 2: 2:1. Their
Partnership deed provided the following:
99 A monthly salary of 15,000 each to lay and Vijay
Kacan was guaranteed a profit of 5,00,000 and lay guaranteed that he will earn an annual fee
of 2,00,000. Any deficiency arising because of guarantee to Karan will be borne by Jay and Vijay
in the ratio of 3.2 During the year ended 31st March, 2018 Jay earned fee of 1.75,000 and the
profits of the firm amounted to 15,00,000
Showing your wordings clearly prepare Profit and Loss Appropriation Account
FUNDAMENTAL OF PARTNERSHIP) (1)

Answer 1

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