Question

A, B and C are partners in a firm sharing profits in the ratio 2:2:1. C is guaranteed a minimum profit of Rs 40000 by A . Profit for the amounted to Rs 160000 . the profit credited to each partner will be:year *
A 40000; B 80000 ; C 40000
A 56000 ; B 64000 ; C 40000
A 64000 ; B 64000 ; C 32000
A 60000 ; B 60000 C 40000

please answer it fast it's urgent​

Answer 1

Answer:

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Explanation:

PROFIT AND LOSS APPROPRIATION ACCOUNT FOR THE YEAR 2017

Particulars Amount Particulars Amount

To Profit transferred to-

A's capital A/c- 16000

B's capital A/c-16,000

Less:deficiency-(2000)

C's capital A/c-8000

Add:share 2000 40,000 By net profit 40,000

Total 40,000 Total 40,000

PROFIT AND LOSS APPROPRIATION ACCOUNT FOR THE YEAR 2018

Particulars Amount Particulars Amount

To profit transferred to-

A's capital A/c-24,000

B's capital A/c-24,000

C's capital A/c-12,000 60,000 By net profit 60,000

Total 60,000 Total 60,000

Answer 2

Answer:

option b is the correct answer