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Question
Amit, Sumit and Samiksha are in partnership sharing profits in the ratio of 3:2:1. Samiksha’ share in profit has been guaranteed by Amit and Sumit to be a minimum sum of Rs 8,000. Profits for the year ended March 31, 2017 was Rs 36,000. Divide profit among the partners.
Solution
Guarantee of Profit to the partners
Profit and Loss Appropriation Account
Dr. Cr.
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||||
|
Profit transferred to |
|
Profit and Loss |
36,000 |
||||
|
Amit’s Capital |
18,000 |
16,800 |
|||||
|
Less: Gurantee to Samiksha {2,000 × (3/5)} |
(1,200) |
||||||
|
Sumit’s Capital |
12,000 |
11,200 |
|||||
|
Less: Gurantee to Samiksha {2,000 × (2/5)} |
(800) |
||||||
|
Samiksha Capital |
6,000 |
8,000 |
|||||
|
Add: Amit’s Guarantee |
1,200 |
||||||
|
Add: Sumit’s Guarantee |
800 |
||||||
|
|
36,000 |
|
36,000 |
||||
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