Amit, Sumit and Samiksha are in partnership sharing profits in the ratio of 3:2:1 - Bzziii.com

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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.




Guarantee of Profit to the partners

Profit and Loss Appropriation Account

Dr.                                                                                     Cr.

ParticularsAmount (Rs.)ParticularsAmount 
(Rs.)
Profit transferred to Profit and Loss36,000
Amit’s Capital18,000
Less: Gurantee to Samiksha  {2,000 × (3/5)}(1,200)  16,800
Sumit’s Capital12,000
Less: Gurantee to Samiksha  {2,000 × (2/5)}(800)  11,200
Samiksha Capital6,000
Add: Amit’s Guarantee1,200
Add: Sumit’s Guarantee800    8,000
 36,00036,000

Chapter-2 Partnership Basic: Accounts



Location: India

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