QUESTION FROM GUARANTEE OF PROFIT TO A PARTNER.
X, Y and Z are partners sharing profit and losses in the ratio of 16:12:7 with the minimum profit of 10000 for Z. The profits for the year ended Dec 31, 2002, amounted Rs39,500. Pass necessary journal entries in the books of the firm.
Answers
Answered by
15
Journal
Profit and loss
appropriation a/c dr. 39500
To X capital account. 18057
To Y capital account. 13543
To Z cspital account. 7900
X capital account. dr. 1200
Y capital acount. dr. 900
To Z capital account. 2100
Explanation:
Z share of profit 7900
Z guaranteed share 10000
Z deficiency 10000 - 7900 = 2100
deficiency of 2100 borne by X and Y in their ratio
16: 12 (4:3)
Answered by
0
Answer:
no
Explanation:
Similar questions