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.
Answers
Answer:
Veena, Meena and Sheena are partners sharing profits in the ratio of 3:2:1.
Explanation:
PROFIT AND LOSS APPROPRIATION ACCOUNT
Particulars Amount Particulars Amount
To Interest on capital
X= 50,000
To Salary
Y= 30,000 80,000 By net profit 80,000
Total 80,000 Total 80,000
Interest on X's capital = 20,00,000x8%=1,60,000
Salary to Y = 8000x12 = 96,000
Total = 2,56,000
Net profits available is less than the appropriations to be made. So,the appropriations are to be made in the ratio of interest and salary i.e 5:3.
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