[NCERT] Q 9 Accounting for Partnership Basic Concepts Solutions Class 12
Solutions of Question number 9 of Accounting for Partnership Basic Concepts NCERT Accountancy solutions Class 12 CBSE Board.
Amann, Babita and Suresh are partners in a firm. Their profit sharing ratio is 2 : 2 : 1. Suresh is guaranteed an amount of ₹ 10,000 as share of profit, every year. Any deficiency on that account shall be met by Babita. The profits for two years ending March 31, 2019 and March 31, 2017 were ₹ 40,000 and ₹ 60,000 respectively. Prepare the Profit and Loss Appropriation Account for the two years.
[Ans: for the year 2019, Profit transferred to Amann’s Capital ₹ 16,000; Babita’s Capital ₹ 14,000; Suresh’s Capital ₹ 10,000 and for the year 2020, Profit transferred to Amann’s Capital ₹ 24,000. Babita’s Capital ₹ 24,000, Suresh’s Capital, ₹ 12,000]
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