[NCERT] Q 35 Solutions Accounting for Partnership Basic Concepts Class 12

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Solution of Question number 35 of Accounting for Partnership Basic Concepts NCERT Accountancy solution Class 12 CBSE Board

Ram, Mohan and Sohan are partners with capitals of ₹ 5,00,000, ₹ 2,50,000 and ₹ 2,00,000 respectively. After providing interest on capital @ 10% p.a. the profits are divisible as follows:

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Ram 1/2, Mohan 1/3 and Sohan 1/6. Ram and Mohan have guaranteed that Sohan’s share in the profit shall not be less than ₹ 25,000. In any year. The net profit for the year ended March 31, 2017 is ₹ 2,00,000, before charging interest on capital.

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You are required to show distribution of profit by preparing P & L Appropriation Account.

[Ans: Profit to Ram, ₹ 48,000, Mohan, ₹ 32,000 and Sohan, ₹ 25,000]

Solution:-

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Anurag Pathak

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