[NCERT] Q 29 Accounting for Partnership Basic Concepts Solutions Class 12 (2022-23)

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Solutions of Question number 29 of Accounting for Partnership Basic Concepts NCERT Accountancy solutions Class 12 CBSE Board 2022-23 Session?

Pinki, Deepati and Kaku are partners sharing profits in the ratio of 5 : 4 : 1. Kaku is given a guarantee that his share of profits in any given year would not be less than ₹ 5,000. Deficiency, if any, would be borne by Pinki and Deepti equally. Profits for the year amounted to ₹ 40,000. Record necessary Journal entries in the books of the firm showing the distribution of profit.

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[Ans: Deficiency borne by Pinki and Deepti ₹ 500 each]

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Solution:-

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