CBSE Class 12 Accountancy Partnership Guarantee Of Profits Notes

Download CBSE Class 12 Accountancy Partnership Guarantee Of Profits Notes in PDF format. All Revision notes for Class 12 Accountancy have been designed as per the latest syllabus and updated chapters given in your textbook for Accountancy in Standard 12. Our teachers have designed these concept notes for the benefit of Grade 12 students. You should use these chapter wise notes for revision on daily basis. These study notes can also be used for learning each chapter and its important and difficult topics or revision just before your exams to help you get better scores in upcoming examinations, You can also use Printable notes for Class 12 Accountancy for faster revision of difficult topics and get higher rank. After reading these notes also refer to MCQ questions for Class 12 Accountancy given our website

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ended on December 31, 2012 amounted ˆ60,000. Any excess payable to C on account of such guarantee shall be borne by A and B in equal ratio.

Prepare a profit and loss appropriation account to show the distribution of profits as per terms of partnership deed.

Solution----

C has been credited by debiting firm for 10,000 &

C has been credited by debiting A and B in specific ratio , i.e, equal

Profit and Loss Appropriation Account

For the year ending on 31ST March, 2012

CBSE Class 12 Partnership - Guarantee of Profits Notes

Minimum guarantee to C = ˆ                 15,000

Less: C’s actual share in profits = ˆ      10,000

Deficiency in profits = ˆ                         15,000 - ˆ   10,000 = ˆ      5,000

This deficiency will be borne by A and B in equal ratio i.e., 1:1.

(Guarantee of minimum profits to a partner by other partner – one partner only)

A, B and C are partners in a firm sharing profits and losses in the ratio of 3:2:1 with a guarantee of minimum profits to C for ˆ 15,000. Total profits of the firm for the year ended on December 31, 2012 amounted ˆ60,000. Any excess payable to C on account of such guarantee shall be borne by A.

Prepare a profit and loss appropriation account to show the distribution of profits as per terms of partnership deed.

C has been credited by debiting firm for 10,000 &

C has been credited by debiting A only for 5,000

Profit and Loss Appropriation Account

For the year ending on 31ST March, 2012

CBSE Class 12 Partnership - Guarantee of Profits Notes

2. A, B and C are partners in a firm sharing profits and losses in the ratio of 3:2:1 with a guarantee of minimum profits to C for ˆ 15,000. Total profits of the firm for the year ended on December 31, 2012 amounted ˆ60,000. Any excess payable to C on account of such guarantee shall be borne by B.

Prepare a profit and loss appropriation account to show the distribution of profits as per terms of partnership deed.

C has been credited by debiting firm for 10,000 &

C has been credited by debiting B only for 5,000

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