Question

mukesh and ramesh are partners sharing profits and losses in the ratio 2:1 respectively . they admit rupesh as a partner with 1/4 share in profits with a guarantee that his share of profit shall be atleast Rs. 55,000 . the net profit of the for the firm for the year ending 31st march, 2013 was Rs. 1,60,000 . prepare profit and loss appropriation A/c ​

Answer 1

Answer:

rupesh's share = 1/4 × 1,60,000 = 40,000

mukesh share = 1,20,000×2/3 = 80,000

ramesh share = 1,20,000×1/3 = 40,000

guaranteed = 55,000

acquired = (40,000)

deficiency = 15,000

deficiency borne by A = 15,000×2/3 = 10,000

deficiency borne by B = 15,000×1/3 = 5000

particulars ₹ particular ₹

to capital by net profit 1,60,000

A 80,000

(10,000)

B 40,000

(5000)

C 40,000

15,000 1,60,000