Question

A,band c were partners in a firm sharing profits in the ratio of 3:2:1. B was guaranteed a profit of rs 200000 during the year the firm earned a profit of rs 84000. Calculate the net amount of profit /loss transferred to the capital accounts of a and c

Answer 1

Partnership

Explanation:

Given:

Profit-sharing ratio = 3:2:1

Guarantee to B by the firm = 200,000

Note: Assume Guarantee is given by the firm, So profit and loss shared by A and C are equal.

Total remain guarantee to B = 200,000 - 84,000

Total remain guarantee to B = 116,000

Loss Transfer to A's account = 116,000 / 2 = 58,000

Loss Transfer to C's account = 116,000 / 2 = 58,000

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Answer 2

Answer:

B was guaranteed - 200000

firm's profit - 84000

B's remaining profit = 200000 – 84000 = 116000

Loss transfer to A = 116000 X 3/4 = 87000

to C = 116000 X 1/4 = 29000