Question

Peppa, George and Suzzie form a partnership firm sharing profits in the ratio of 3:2:1 subject to the following: i) Suzzie’s share in the profits guaranteed to be not less than Rs.15,000 in any year. ii) George gives guarantee to the effect that gross fees earned by him to the firm shall be equal to his average gross fee of the preceding five years when he was carrying on professional alone (which is Rs.25,000 ).The net profit of the year ended 31st March 2018 is Rs.75,000 .The gross fee earned by George for the firm was Rs.16,000. You are required to show Profit and Loss appropriation account.​

Answer 1

Answer:

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Explanation:

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