QUESTION: 80
Nimrat, Maira and Kabir are partners sharing profits in the ratio of 2:2:1.Nimrat is guaranteed minimum profit of ₹ 1,60,000 per annum. Net Profit for the year ended 31st March, 2022 is ₹1,00,000.
Prepare Profit & Loss Appropriation Account for the year.
Answer:
Note: Loss will be borne by Maira and Kabir in 2:1, Since Nimrat is guaranteed minimum share of profit of 1,60,000.
Maira = 60,000×2÷3=40,000
Kabir = 60,000×1÷3=20,000
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Hey! Would you mind providing video solutions? Thanks.
may be in forthcoming months but not with confirmation.