Question

A B C are partners. Their capital account stood at 800000 600000 and 400000. On 1st April 2016 They shared profit and loss in the ratio of 3:2:1. partners are entitled to IOC @ 10% p.a. and salary to B and C @ 4000 p.m and 6000 p.q respectively as per the partnership deed B's share of profit including interest.Butexcluding salary is guarantee at a minimum of rs82000.Any deficiency arising on the a/c shall be met by C. Profit for the year ended 31st march 2017 amounted to rs 312000. Prepare p/l appropriation acc. for the year ended 31st march 2017​

Answer 1

Answer:

profit and loss appropriation

Dr. cr

IOC. profit & loss 312000

A. 80000

B. 60000

C. 40000. 180000

salary

B. 48000

C 24000 72000

divisible profit

A. 30000. 30000

B. 20000

+. 2000. 22000

C. 10000

(-). 2000. 8000

total 312000. total. 312000

Explanation:

B is guaranteed ₹ 82000 of profit and interest on capital

B share in divisible profit 20000

Interest on capital 60000

total = 80000

deficiency = 82000-80000 = 2000

As guarantee given by C then ₹ 2000 deducted from C share of profit and add to B share of profit

Answer 2

Explanation:

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