Question

X Y And Z Entered Into Partnership On 1St October 2018 To Share Profit In To The Ratio Of 4:3:3 X Personally Guaranteed That Z Share Of Profit Charging Interest On Capital 10%Pa. Would Not Less Than 80000 Ina Year Capital Contribution Were X 300000 Y 200000 Z 150000 Profit For The Year Ended 31St March 2019 Was 160000 Prepare Profit And Loss Appropriation Account

Answer 1

Answer:

X ,Y and Z entered into partnership on 1st October , 2018 to shat to share profits in the ratio of 4:3:3 X, Personally guranted that that Z's share of profit charging interest on capital 210% p.a Would not be less than Rs. 80,000 in a year capital contributions were :X- Rs. 3,00,000 ,y-Rs. 2,00,000 and Z- rs, 1,50,000