Accountancy, asked by Ridhi8783, 1 month ago

78. Y and Z entered into partnership on 1st October, 2020 to share profits in the ratio of 4:3 :3. X personallyguaranteed that I's share of profit after charging interest on capital 10% pa. would not be less than80,000 in a year. Capital contributions were X-3,00.000, -2,00,000 and Z-1.50,000Profit for the year ended 31st March, 2021 was 160,000. Prepare Profit and Loss Appropriation AccountAns: Net Proht- 1.27.500: Share of Proht:X-751.000 - 1.750- 1.27.500 x 110 = 38,250; Z-238.250 +1.750 = 40.000

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Answered by avantika9c

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