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

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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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