Question

Accountancy Refresher-12 Part-1-67
Note: There is no date of drawings in question so interest on drawings will be charged for the
whole year
5. A, B and C entered into partnership on 1st April, 2017 to share profits and losses in the
ratio of 4:3 :3 A, however, personally guaranteed that C's share of profit after charging
interest on capital @ 5% p.a. would not be less than * 40,000 in any year. The capital
contributions were : A– 3,00,000; B-2,00,000; C-1,50,000. The profit for the year
ended 31st March, 2018 amounted to 1,60,000. Show the Profit and Loss Appropriation
Account

Sol.
Profit and Loss Appropriation Account
Dr.
(for the year ending 31 March, 2018)
Cr.
Particulars
Amount (3)
& Loss A/C
1.60.000​

Answer 1

Explanation:

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Answer 2

Answer:

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