QUESTION: 81
Ashmit, Abbas and Karman are partners sharing profits in the ratio of 3:2:1.Abbas is guaranteed minimum profit of ₹1,50,000 per annum. The firm incurred loss for the year ended 31st March, 2022 of ₹30,000.
Prepare Profit & Loss Appropriation Account for the year.
Answer:
Working notes:
Note: Loss will be borne by Ashmit and Karman in 3:1, Since Abbas is guaranteed minimum share of profit of 1,50,000.
Ashmit = 1,80,000×3÷4= 1,35,000
Karman = 1,80,000×1÷4= 45,000
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Hey! Would you mind providing video solutions? Thanks.
may be in forthcoming months but not with confirmation.