Question

X, Y and Z are partners sharing profit and losses in the ratio of 2:2:1. Z's share is however guranteed by the other partners at a minimum profit of 14400. The net profit for the current year amount to 68400. prepare profit and loss appropriation account.

Answer 1

Let the total profit is distributed among X, Y and Z as 2a, 2a and a

total profit = 68400

=> 2a + 2a + a = 68400

=> 5a = 68400

=> a = 68400/5 = 13680

But Z's share should be minimum 14400.

So after giving Z the amount, remaining= 68400 - 14400 = 54000

54000 would be distributed among X and Y in the ratio 2:2 or 1:1. So they will get half each.

Thus X and Y's share = 54000/2 = 27000

Shares are:
X = 27000
Y = 27000
Z = 14400

Answer 2

Answer:

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