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प्रश्न
Peter, Max and Som were partners in a firm sharing profits and losses in the ratio of 4 : 2 : 1. Their fixed capitals were ₹ 40,000, ₹ 30,000 and ₹ 30,000, respectively.
Som was guaranteed a profit of ₹ 39,000 by the firm.
It was decided that any loss arising because of the guarantee would be shared by Peter and Max equally.
The net profit of the firm for the year ended 31st March, 2018, was ₹ 1,47,000.
You are required to prepare the Profit and Loss Appropriation Account for the year 2017-18, showing the distribution of profits.
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उत्तर
| Dr. | Profit and Loss Appropriation Account for the year ending 31st March, 2018 |
Cr. | |||
| Particulars | Amount (₹) | Amount (₹) | Particulars | Amount (₹) | Amount (₹) |
| To Profit transferred to: | By Profit and Loss A/c (Net Profit) | 1,47,000 | |||
| Peter’s Capital A/c | 84,000 | 75,000 | |||
| Less: Transferred to Som | 9,000 | ||||
| Max’s Capital A/c | 42,000 | 33,000 | |||
| Less: Transferred to Som | 9,000 | ||||
| Som’s Capital A/c | 21,000 | 39,000 | |||
| Add: Transferred from Peter | 9,000 | ||||
| Add: Transferred from Max | 9,000 | ||||
| 1,47,000 | 1,47,000 | ||||
Working Note:
1. Profit share to Peter = `1,47,000 xx 4/7`
= ₹ 84,000
Profit share to Max = `1,47,000 xx 2/7`
= ₹ 42,000
Profit share to Som = `1,47,000 xx 1/7`
= ₹ 21,000
2. Som was guaranteed a profit of ₹ 39,000.
Normal Share of Som = ₹ 21,000
Guaranteed Amount = ₹ 39,000
Deficiency = Guaranteed Amount − Normal Share
= 39,000 − 21,000
= ₹ 18,000
As per the question, the deficiency arising due to the guarantee is to be borne equally by Peter and Max.
Share of Peter = `(18,000)/2`
= ₹ 9,000
Share of Max = `(18,000)/2`
= ₹ 9,000
