[NCERT] Q 30 Accounting for Partnership Basic Concepts Solutions Class 12

Solution of Question number 30 of Accounting for Partnership Basic Concepts NCERT Accountancy solution Class 12 CBSE Board

Abhay, Siddharth and Kusum are partners in a firm, sharing profits in the ratio of 5 : 3 : 2. Kusum is guaranteed ₹ 10,000 as her share in the profits. Any deficiency arising on that account shall be met by Siddharth. Profits for the years ending March 31, 2016 and 2017 are ₹ 40,000 and 60,000 respectively. Prepare Profit and Loss Appropriation Account.

[Ans: Year 2015 – Abhay ₹ 20,000, Siddharth ₹ 10,000, Kusum ₹ 10,000; year 2016 – Abhay ₹ 30,000, Siddharth ₹ 18,000, Kusum ₹ 12,000]

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