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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.

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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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