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Q. 71. A, B and C were partners in a firm sharing profits in the ratio of 1:2:3. B
was guaranteed a profit of *2,00,000. Any deficiency on account of guarantee to B
was to be borne by A and C in 1 : 4 ratio. The profit of the firm for the year ended
31.3.2023 amounted to 4,20,000.
Prepare Profit and Loss Appropriation Account.
[Ans. Share of Profit A 58,000; B 2,00,000 and C *1,62,000.]
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kartik201110

Answer:

Q. 71. A, B and C were partners in a firm sharing profits in the ratio of 1:2:3. B

was guaranteed a profit of *2,00,000. Any deficiency on account of guarantee to B

was to be borne by A and C in 1 : 4 ratio. The profit of the firm for the year ended

31.3.2023 amounted to 4,20,000.

Prepare Profit and Loss Appropriation Account.

[Ans. Share of Profit A 58,000; B 2,00,000 and C *1,62,000.]

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