[NCERT] Q 31Solutions Accounting for Partnership Basic Concepts Class 12

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Solution of Question number 31 of Accounting for Partnership Basic Concepts NCERT Accountancy solution Class 12 CBSE Board

Radha, Mary and Fatima are partners sharing profits in the ratio of 5 : 4 : 1. Fatima is given a guarantee that her share of profit, in any year will not be less than ₹ 5,000. The profits for the year ending March 31, 2020 amounted to ₹ 35,000. Shortfall if any, in the profits guaranteed to Fatima is to be borne by Radha and Mary in the ratio of 3 : 2. Record necessary Journal entry to show distribution of profit among the partner.

[Ans : Deficiency borne by Radha, ₹ 900 and Mary, ₹ 600]

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