Question

Q. 76. A, B and C are partners sharing profits in the ratio of 4 : 3: 2. It was
provided that B’s share of profit will not be less than 1,50,000 per annum. The losses
for the year ended 31st March, 2015 were 85,000, before allowing interest on Loan
of 1,00,000 taken from A on 1st June, 2014.
You are required to show necessary account for division of loss and pass necessary
journal entries.​

Answer 1

Explanation:

B is guarantee for rupees 150000 but he bear a loss of rupees 30000 total guaranteed amount is equal to 180000