[NCERT] Q 32 Solutions Accounting for Partnership Basic Concepts Class 12

Solution of Question number 32 of Accounting for Partnership Basic Concepts NCERT Accountancy solution Class 12 CBSE Board

X, Y and Z are in Partnership, sharing profits and losses in the ratio of 3 : 2 : 1, respectively. Z’s share in the profit is guaranteed by X and Y to be a minimum of ₹ 8,000. The net profit for the year ended March 31, 2020 was ₹ 30,000.

[Ans.: Profit to X ₹ 13,200; Y ₹ 8,800; Z ₹ 8,000]

Solution:-