Question

84. Vicky, Vijay and Veenu are partners sharing profits in the ratio of 5:4:1. Veenu is given a guarantee
that his minimum share of profit in any given year would be at least * 5,000. Deficiency, if any, would
be borne by Vicky and Vijay equally. The profits for the year ended 31st March, 2020 was 7 40,000.
Pass necessary entries in the books of the firm.


55. Neel, Nitin and Neeraj are partners having Capital of 15,00,000; * 12,00,000 and 79,00,000 respectively
and sharing profit and losses equally. Neeraj is guaranteed a minimum profit of 1,50,000 per annum.
The firm incurred a loss of * 4,50,000 for the year ended 31st March, 2020,
You are required to show necessary accounts for division of loss and giving effect to minimum
guaranteed profit to Neeraj.
nartners sharing profits and losses in the
1
ratio
Thir​

Answer 1

Answer:

- 40,000*5/10= 20,000

B-40,000*4/10=16,000

C-40,000*1/10=4000

C's share is less by 1000. So,the deficiency will be borne by A and B equally.

Journal entry for the same will be :

A's capital A/c Dr. 500

B's capital A/c Dr. 500

    To C's capital A/c             1000

(Being deficiency contribute

Explanation:

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