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# Solution - E and F Were Partners in a Firm Sharing Profits in the Ratio of 7:3. on 1-4-2014 They Admitted G as a New Partner for 1/5th Share in the Profit with a Guaranteed Profit of Rs.60,000. the New Profit Sharing Ratio Between E and F Will Remain the Same but They Agreed to Bear Any Deficiency on Account of Guarantee to G in the Ratio of 3:7. - Preparation of Profit and Loss Appropriation Account

ConceptPreparation of Profit and Loss Appropriation Account

#### Question

E and F were partners in a firm sharing profits in the ratio of 7:3. On 1-4-2014 they admitted G as a new partner for 1/5th share in the profit with a guaranteed profit of Rs.60,000. The new profit sharing ratio between E and F will remain the same but they agreed to bear any deficiency on account of guarantee to G in the ratio of 3:7. The profit of the firm for the year ended 31-3-2015 was Rs.2,70,000.

Prepare Profit and Loss Appropriation Account of E, F and G for the year ended 31-3-2015.

#### Solution

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#### APPEARS IN

2015-2016 (March) Foreign Set 1
Question 11 | 4 marks

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Solution for question: E and F Were Partners in a Firm Sharing Profits in the Ratio of 7:3. on 1-4-2014 They Admitted G as a New Partner for 1/5th Share in the Profit with a Guaranteed Profit of Rs.60,000. the New Profit Sharing Ratio Between E and F Will Remain the Same but They Agreed to Bear Any Deficiency on Account of Guarantee to G in the Ratio of 3:7. concept: Preparation of Profit and Loss Appropriation Account. For the courses CBSE (Arts), CBSE (Commerce), CBSE (Science)
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