X, Y and Z are in Partnership, sharing profits and losses in the ratio of 3 : 2 : 1, respectively - Bzziii.com

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X, Y and Z are in Partnership, sharing profits and losses in the ratio of 3 : 2 : 1, respectively. Z’s share in the profit is guaranteed by X and Y to be a minimum of Rs 8,000. The net profit for the year ended March 31, 2017 was Rs 30,000. Prepare Profit and Loss Appropriation Account, indicating the amount finally due to each partner.




Profit and Loss Appropriation Account 

as on March 31, 2017


ParticularsAmount (Rs.)Particulars
Amount
(Rs.)
To Profit transferred to By Profit and Loss30,000
   X’s Capital15,000
      Less: Z’s Deficiency {3,000 × (3/5)}(1,800)  13,200
Y’s Capital10,000
     Less: Z’s Deficiency {3,000 × (2/5)}(1,200)  8,800
Z’s Capital5,000
   Add: Share of Deficiency born by 
   Radha1,800
   Mary1,2008,000
 30,00030,000

Chapter-2 Partnership Basic: Accounts



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