Question

60,000
60,000
Hlustration 55. nowo
1
.
76,00,000 and 7 4,00,000 respectively on 1st April, 2013. They shared profits and losses in the
ratio of 3 : 2 : 1 respectively. Partners are entitled to interest on capital @ 6% per annum and
salary to Biswas and Divya @ {4,000 per month and 26,000 per quarter respectively as per the
provisions of Partnership Deed.
Biswas's share of profit including interest on capital but excluding salary is guaranteed at
a minimum of * 82,000 p.a. Any deficiency arising on that account shall be met by Divya.
Profit for the year ended 31st March, 2014 amounted to * 3,12,000. Prepare Profit and Loss
Appropriation Account for the year ended 31st March, 2014.
(Delhi 2013)
Note: Z's share in profits is more than the minimum guaranteed amount, so there is no need for any adjustment.
Anwar, Biswas and Divya are partners in a firm. Their Capital Accounts stood at 8,00,000;​

Answer 1

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Answer 2

Answer:

Biswas and Divya @ {4,000 per month and 26,000 per quarter respectively as per the

provisions of Partnership Deed.

Biswas's share of profit including interest on capital but excluding salary is guaranteed at

a minimum of * 82,000 p.a. Any deficiency arising on that account shall be met by Divya.

Profit for the year ended 31st March, 2014 amounted to * 3,12,000. Prepare Profit and Loss

Appropriation Account for the year ended 31st March, 2014.

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