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
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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
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