Question

. X and Y were sharing profits in the ratio of 2 : 1. On 1st April, 2020 they
admitted Z for 1/4 share in the profits. Z is guaranteed a minimum profit of 1,00,000 for the year. Any deficiency in Z's share is to be borne by X and Y in the ratio of 3:2.
Losses for the year ending 31st March, 2021 amounted to 1,20,000. Record
necessary entries​
class 12. account

Answer 1

Answer:

X'capital account dr 60000

Y'capital account. dr. 30000

Z'capital account dr. 30000

To profit &loss account. 120000

X'capital account. dr 78000

Y' capital account. dr. 52000

To Z'capital account. 130000

Explanation:

Z is guaranteed rs 100000 as minimum profit but he bear loss of rs 30000 so his deficiency increased by 130000

which is borne by X and Y in rationof 3:2