Abhay, Siddharth and Kusum are Partners in a Firm, Sharing Profits in the ratio of 5:3:2. Kusum is Guaranteed - Bzziii.com

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Abhay, Siddharth and Kusum are partners in a firm, sharing profits in the ratio of 5:3:2. Kusum is guaranteed a minimum amount of Rs 10,000 as per share in the profits. Any deficiency arising on that account shall be met by Siddharth. Profits for the years ending March 31, 2016 and 2017 are Rs 40,000 and 60,000 respectively. Prepare Profit and Loss Appropriation Account.





Profit and Loss Appropriation Account 
as on March 31, 2016

ParticularsAmount (Rs.)ParticularsAmount (Rs.)
Profit transferred to Partner’s Capital A/c
Profit and Loss40,000
  Abhay20,000
 Siddharth12,000
    Less: Guarantee to Kusum’s(2,000)10,000
Kusum’s Capital8000
    Add: Deficiency received
from Siddharth		2,00010,000
 40,00040,000
Profit and Loss Appropriation Account as on
March 31, 2017

ParticularsAmount (Rs.)ParticularsAmount (Rs.)
Profit transferred to  Profit and Loss60,000
Abhay’s Capital30,000
Siddharth’s Capital18,000
Kusum’s Capital12,000
 60,00060,000

Chapter-2 Partnership Basic: Accounts



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