Amit, Sumit and Samiksha are in partnership sharing profits in the ratio of 3:2:1. Samiksha’ share in profit has been guaranteed by Amit and Sumit to be a minimum sum of Rs 8,000. Profits for the year ended March 31, 2017 was Rs 36,000. Divide profit among the partners.
Answers
Answer:
Amit -18,000
Sumit -12,000
Samiksha -6,000
Given :Amit, Sumit and Samiksha are in partnership sharing profits in the ratio of 3:2:1.
Samiksha’ share in profit has been guaranteed by Amit and Sumit to be a minimum sum of Rs 8,000. Profits for the year ended March 31, 2017 was Rs 36,000.
Solution :
Profit and Loss Appropriation account is in the attachment below :
Extra information :
Profit and Loss Appropriation account :
Profit and Loss Appropriation account is prepared to show how the net profit among partners has been distributed. It is credited with interest on drawings and debited with interest on capital , salary or commission payable to partners. After these adjustments have been made the Profit and Loss appropriation account shows the amount of net profit on net loss which shall be distributed among the partner in the agreed profit sharing ratio.
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