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Solution - Preparation of Profit and Loss Appropriation Account

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Vikas and Vivek were partners in a firm sharing profits in the ratio of 3: 2.

On 1.4.2014 they admitted Vandana as a new partner for 1/8th the share in the profits with a guaranteed profit of Rs.1,50,000. The new profit sharing ratio between Vivek and Vikas will remain the same but they decided to bear any deficiency on account of guarantee to Vandana in the ratio 2: 3. The profit of the firm for the year ended 31.3.2015 was Rs.9, 00,000.

Prepare Profit and Loss Appropriation Account of Vikas, Vivek and Vandana for the year ended 31.3.2015.

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