[NCERT] Q 34 Solutions Accounting for Partnership Basic Concepts Class 12

Solution of Question number 34 of Accounting for Partnership Basic Concepts NCERT Accountancy solution Class 12 CBSE Board

Ashok, Brijesh and Cheena are partners sharing profits and losses in the ratio of 2 : 2 : 1. Ashok and Brijesh have guaranteed that Cheena share in any year shall be ₹ 20,000. The net profit for the year ended March 31, 2017 amounted to ₹ 70,000. Prepare Profit and Loss Appropriation Account.

[Ans : Profit to Ashok ₹ 25,000, Brijesh ₹ 25,000 and Cheena ₹ 20,000.]

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