Download the latest CBSE Class 12 Accountancy Partnership Guarantee Of Profits Notes in PDF format. These Class 12 Accountancy revision notes are carefully designed by expert teachers to align with the 2025-26 syllabus. These notes are great daily learning and last minute exam preparation and they simplify complex topics and highlight important definitions for Class 12 students.
Chapter-wise Revision Notes for Class 12 Accountancy Part 1 Chapter 1 Accounting for Partnership Basic Concepts
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Part 1 Chapter 1 Accounting for Partnership Basic Concepts Revision Notes for Class 12 Accountancy
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
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
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
Please click the link below to download pdf file for CBSE Class 12 Partnership - Guarantee of Profits Notes.
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Important Practice Resources for Class 12 Accountancy
CBSE Class 12 Accountancy Part 1 Chapter 1 Accounting for Partnership Basic Concepts Notes
We hope you liked the above notes for topic Part 1 Chapter 1 Accounting for Partnership Basic Concepts which has been designed as per the latest syllabus for Class 12 Accountancy released by CBSE. Students of Class 12 should download and practice the above notes for Class 12 Accountancy regularly. All revision notes have been designed for Accountancy by referring to the most important topics which the students should learn to get better marks in examinations. Our team of expert teachers have referred to the NCERT book for Class 12 Accountancy to design the Accountancy Class 12 notes. After reading the notes which have been developed as per the latest books also refer to the NCERT solutions for Class 12 Accountancy provided by our teachers. We have also provided a lot of MCQ questions for Class 12 Accountancy in the notes so that you can learn the concepts and also solve questions relating to the topics. We have also provided a lot of Worksheets for Class 12 Accountancy which you can use to further make yourself stronger in Accountancy.
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