Question

pinki ,deepati and kuku are partners sharing profits in the ratio of 5:4:1.kaku is given a guarantee that his share of profit in given year would not be less than rupees 5000. deficiency if any would be borne by pinki and deepati equally .profit for the year amounted to rupees 40000.record necessary journal entries in the books of the firm showing the distribution of profit.​

Answer 1

Answer:

pinki :

$40000 \times \frac{5}{10} = 20000 - 800 = 19200$

deepti :

$40000 \times \frac{4}{10} = 16000 - 200 = 15800$

kuku :

$40000 \times \frac{1}{10} = 4000 +800 + 200 = 5000$

journal entry

Profit and loss account_______Dr. 40000

to pinki acc. 19200

to deepti acc. 15800

to kuku acc. 5000

Explanation:

• as mention in question : kaku is given a guarantee that his share of profit in given year would not be less than rupees 5000.

• so now pinki and deepti would have to give him a share of amount 1000 from there share. why 1000 (guarantee - actual share 5000 - 4000)

• 1000 in 4:1 i.e. 800 and 200