Question

Three Chartered Accountants X, Y and Z form a partnership, profits being divisible in the
ratio of
3:2:1, subject to the following:
(i) Z's share of profit is guaranteed to be not less than 15,000 per annum;
(ii) Y gives guarantee to the firm to the effect that gross fees earned by him for the firm
shall be equal to his average gross fees of the preceding five years when he was
carrying on profession alone (which average works out at 25,000);
The profit for the first year of the partnership is 75,000. The gross fees earned by Y for
the firm are 16,000.
You are required to show the Profit & Loss Appropriation Account (after giving
effect to the above) and the Current Accounts of the partners.

Answer 1

Answer:

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