Question

Maanika, Bhavi and Komal are partners sharing profits in the ratio

of 6:4:1. Komal is guaranteed a minimum profit of ₹ 2,00,000. The firm

incurred a loss of ₹22,00,000 for the year ended 31st March,2018. Pass

necessary journal entry regarding deficiency borne by Maanika and

Bhavi and prepare Profit and Loss Appropriation Account.​

Answer 1

Answer:

the journal entry will be

manika cap. a/c dr 2,40,000

bhavi cap.a/c dr. 1,60,000

to komal 2,00,000

Explanation:

we will give Komal a sum of 4,00,000as 2,00,000 for the loss she had to pay and 2,00,000 which was gauranteed to her.

Answer 2

We are required to pass the journal entry and also prepare Profit and Loss.

• We are given in the question that Maanika, Bhavi, and Komal are partners
• The above partners share the profit according to the ration $6:4:1$
• It is also given that Komal is guaranteed a profit of Rs.$2,00,000$
• It is also given that the firm incurred a loss of Rs.$22,00,000$

                                       Profit and loss Appropriation A/c

                                           for the year ending .......

  To P& L a/c                Rs.$22,00,000$     By Maanika a/c            $14,40,000$

   To Komal a/c            Rs. $2,00,000$      By Bhavi a/c                $9,60,000$  

                                      ------------------                                         ----------------  

                                          $24,00,000$                                          $24,00,000$  

                                  --------------------                                          --------------

• Journal entry that will be passed for the transaction will be
• Maanika a/c  Dr.    $14,40,000$  
• Bhavi a/c      Dr.    $9,60,000$      
• To, Komal a/c                                         $2,00,000$
• To, Profit and loss appropriation a/c  $22,00,000$
• (Being the guaranteed sum paid to Komal and the loss shared between Maanika and Bhavi)