Question

A, B, C are parteners sharing profits in the ratio 5:4:1 C is given a guarantee that his share in any year will not be less than rs. 5,000 The profits for the year ending December 31,2016 amounted to 40,000 Amount excess given to c will be borne by B. pass necessary journal entries in the books of A, B, C ....... plzzzzz solve this​

Answer 1

Answer:

profit and loss appropriation .. Dr 40,000

to A's capital (40,000×5/10) 20,000

to B's capital 15,000

to C's capital 5,000

share of C = 40,000×1/10 = 4000

guaranteed to C = 5,000

deficiency = 5,000 - 4,000 = 1,000

B's actual share = 40,000×4/10 = 16,000 - 1000 = 15,000

C's share = 4,000 + 1,000 = 5,000

Answer 2

Answer:

waiting for you in meeting , come