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shaheensiddiqui4825
1 week ago
Accountancy
Secondary School
Veena, Meena and Sheena are partners sharing profits in the ratio of 3:2:1. Their capitals on 1st April 2019 were ₹ 5,00,000; ₹ 3,00,000 and ₹ 2,00,000 respectively. As per the partnership deed partners are entitled to 10% p.a. interest on capital. Sheena is guaranteed a minimum profit of ₹ 45,000 p.a. Deficiency (if any) will be borne by Veena and Meena in the ratio of 3:2. The firm incurred a loss of ₹ 90,000 for the year ended 31st March 2020. Give necessary entries giving effect to the minimum guaranteed profit to Sheena.

Answer 1

Secondary School

Veena, Meena and Sheena are partners sharing profits in the ratio of 3:2:1. Their capitals on 1st April 2019 were ₹ 5,00,000; ₹ 3,00,000 and ₹ 2,00,000 respectively. As per the partnership deed partners are entitled to 10% p.a. interest on capital. Sheena is guaranteed a minimum profit of ₹ 45,000 p.a. Deficiency (if any) will be borne by Veena and Meena in the ratio of 3:2. The firm incurred a loss of ₹ 90,000 for the year ended 31st March 2020. Give necessary entries giving effect to the minimum guaranteed profit to Sheena