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Guarantee of Minimum Share of Profit
Q. 69 (A). A, B and Care partners in a firm. Their profit sharing ratio is 3:2:1.
However, C is guaranteed a minimum amount of 10,000 as share of profits every
year. Any deficiency arising on that account shall be met by A. The profits for the two
years ending 31st March, 2020 and 2021 were 30,000 and 90,000 respectively.
Prepare Profit and Loss Appropriation Account for the two years.
[Ans. 1st year 210,000 each. 2nd year A 345,000; B 330,000 and C 315,000]
Q. 69 (B). X, Y and Z are partners with capitals of 34,00,000; 33,00,000 and
32,00,000 respectively. They charge 8% p.a. interest on their capitals and divide the
profits in the ratio of 3 : 2:1. Xhas guaranteed that Z's share shall not amount to less
than 50,000 in any one year.
Their Drawings during the year were 50,000; 340,000 and 35,000 respectively.
Net profits for the year before providing interest on capitals was 72,52,000. Prepare
P & L Appropriation A/c and capital accounts.
[Ans. Profits X 370,000; Y 60,000; Z 50,000.]​

Answer 1

Answer:

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Answer 2

Explanation:

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