X, Y and Z are in Partnership, sharing profits and losses in the ratio of 3 : 2 : 1, respectively. Z’s share in the profit is guaranteed by X and Y to be a minimum of Rs. 8,000. The net profit for the year ended March 31, 2017 was Rs. 30,000.Prepare Profit and Loss Appropriation Account, indicating the amount finallydue to each partner.
X, Y and Z are in Partnership, sharing profits and losses in the ratio of 3 : 2 : 1, respectively. Z’s share in the profit is guaranteed by X and Y to be a minimum of Rs. 8,000. The net profit for the year ended March 31, 2017 was Rs. 30,000.Prepare Profit and Loss Appropriation Account, indicating the amount finallydue to each partner.
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...
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X, Y and Z are in
Prepare
due to each partner.
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