Asha, Disha and Raghav were partners in a firm sharing profits in the ratio of 2: 3 : 1, According ………………

Class 12th Accountancy, Question paper 2023 -Asha, Disha and Raghav were partners in a firm sharing profits in the ratio of 2: 3 : 1, According to the partnership agreement, Raghav was guaranteed an amount of % 40,000 as his share of profits. The net profit for the year ended 31s March, 2022 amounted to z 1,20,000. Prepare Profit and Loss Appropriation Account of the firm for the year ended 31% March, 2029.

By
Komal Kohli
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Question :Asha, Disha and Raghav were partners in a firm sharing profits in the ratio of 2: 3 : 1, According to the partnership agreement, Raghav was guaranteed an amount of % 40,000 as his share of profits. The net profit for the year ended 31s March, 2022 amounted to z 1,20,000. Prepare Profit and Loss Appropriation Account of the firm for the year ended 31% March, 2029.

The correct answer is -Profit and Loss Appropriation Account of Asha, Disha and Raghav for the year ended 31st March 2022

Particulars Amount (Rs.) Particulars Amount (Rs.) Net profit for the year 1,20,000 Add: Raghav’s guaranteed share 40,000 Total 1,60,000 Less: Interest on Raghav’s guarantee 4,000 Raghav’s share 50,000 Profit available for appropriation 1,16,000 Disha’s share 69,600 Asha’s share 46,400 Total 1,16,000

Note: Interest on Raghav’s guarantee is calculated @ 10% p.a. on his guaranteed amount of Rs. 40,000.

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