Question

Q. 71. Vikas and Vivek were partners in a firm sharing profits in the ratio of 3:2.
30:1-4-2014 they admit Vandana as a new partner for 1/8th share in the profits with a
guaranteed profit of 1,50,000. The new profit sharing ratio between Vikas and Vivek
all remain the same but they decided to bear any deficiency on account of guarantee
Vandans in the ratio 2:3. The profit of the firm for the year ended 31-3-2015 was
4,00.000. Prepare Profit and Loss Appropriation Account of Vikas, Vivek and
ndana for the year ended 31-3-2015.
(C.B.S.E. 2016, All India)
Ans. Share of Profit Vikas 4,57,500; Vivek 2,92,500 and Vandana 1,50,000.1
10. 12. 4. B and C were partners sharing profits and losses in the​

Answer 1

Profit – Year ended 31st March, 2014 – ₹ 1,00,000; 2015 – ₹ 1,50,000; 2017 – ₹ 2,00,000; 2018 – ₹ 2,00,000;

Loss – Year ended 31st March, 2016 – ₹ 50,000.

Pass the journal entries showing the working.

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