# Amit, Sumit and Samiksha Are in Partnership Sharing Profits in the Ratio of 3:2:1. - Accountancy

Ledger

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.

#### Solution

Guarantee of Profit to the partners

Profit and Loss Appropriation Account

Dr.                                                                                     Cr.

 Particulars Amount Rs Particulars Amount Rs Profit transferred to Profit and Loss 36,000 Amit’s Capital 18,000 16,800 Less: Gurantee to Samiksha  {2,000 × (3/5)} (1,200) Sumit’s Capital 12,000 11,200 Less: Gurantee to Samiksha  {2,000 × (2/5)} (800) Samiksha Capital 6,000 8,000 Add: Amit’s Guarantee 1,200 Add: Sumit’s Guarantee 800 36,000 36,000
Concept: Guarantee of Profits to a Partner
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#### APPEARS IN

NCERT Class 12 Accountancy - Not-for-profit Organisation and Partnership Accounts
Chapter 2 Accounting for Partnership : Basic Concepts
Numerical Questions | Q 27 | Page 105
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