Q66. A, Band C were partners in a firm sharing profits in the ratio of 2:2:1. C was guaranteed to be given a profitof 50,000 per year. Deficiency, if any, on that account shall be borne by A and B in the ratio of 3:2. The netprofit of the firm for the year ended 31.3.2004 was 2,00,000.Prepare Profit and Loss Appropriation Account of A, B and C.(A 74,000; B 76,000; C 50,000; C.B.S.E. 2005]Q67. Ram, Mohan and Sohan are partners with capitals of 10,000, 5,000 and 2,000 respectively. Afterproviding interest on capital at 6% per annum, the profits are divisible as follows:Ram 1/2, Mohan 1/3 and Sohan 1/6. Ram and Mohan have guaranteed that Sohan's share shall not amountto less than 500 in any one year.Ram and Mohan have each withdraw 1,000 and Sohan 500. The net profit for the year fended 31.3.2021before providing interest on partners' capital, was 2,400.You are required to show the Profit & Loss Appropriation and Current Accounts of the partners.[Current A/c : Ram 7 128 (Dr.); Mohan 7 348 (Cr.); Sohan, 120 (Dr.)]Q68. A, B and C are partners sharing profits in the ratio of 5 :4: 1. C is given a guarantee that his share in anyyear will not be less than 5,000. The profits for the year ending 31st March 1995 amounts to 35,000.Amount of shortfall in the profits given to C will be borne by A and B in the ratio of 3: 2.Pass necessary journal entry regarding deficiency borne by A and B.[Ans : A 900 (Dr.), B7 600 (Dr.) C 1,500 (Cr.)] ; [C.B.S.E. Sample Paper 1997]Q69. A and B are partners in a firm sharing profit in the ratio of 2: 1. On 1-4-2002 they decide the admit C for 1/5 share in profits with a guaranteed amount of 25,000 per annum. A undertook to meet the liability arisingout of the guaranteed amount to C. The firm earned a profit of 75,000 for the year ended March 31, 2003.[A 30,000; B 20,000; C 25,000 [C.B.S.E. 2004 Comptt.]Prepare Profit and Loss Appropriation Account.Q70. Pand Q were partners in a firm sharing profits in the ratio of 5: 3. On 1st, April 2014 they admitted R as anew partner for 1/8 share in the profits with a guaranteed profit of 75,000. The new profit sharing ratioDut they agreed to bear any deficiency on account of guarantee to R

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Q66. A, B and C were partners in a firm sharing profits in the ratio of 2:2:1. Cwas guaranteed to be given a profit of 50,000 per year. Deficiency, if any, on that account shall be borne by A and B in the ratio of 3:2. The net profit of the firm for the year ended 31.3.2004 was 2,00,000. Prepare Profit and Loss Appropriation Account of A, B and C. (A 74,000; B 76,000; C 50,000; C.B.S.E. 2005]

Q66. A, B and C were partners in a firm sharing profits in the ratio of 2:2:1. Cwas guaranteed to be given a profit of 50,000 per year. Deficiency, if any, on that account shall be borne by A and B in the ratio of 3:2. The net profit of the firm for the year ended 31.3.2004 was 2,00,000. Prepare Profit and Loss Appropriation Account of A, B and C. (A 74,000; B 76,000; C 50,000; C.B.S.E. 2005]

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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