Download Class 12 Accountancy Concept Summaries: CBSE Class 12 Accountancy Partnership Guarantee Of Profits Notes
Review targeted revision notes for Class 12 Accountancy with the CBSE Class 12 Accountancy Partnership Guarantee Of Profits Notes. Built according to official educational guidelines for the 2026-27 academic year, these downloadable summaries for Part 1 Chapter 01 Accounting for Partnership Basic Concepts support daily study and last-minute exam readiness.
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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
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
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Download CBSE Revision Notes: Class 12 Accountancy Part 1 Chapter 01 Accounting for Partnership Basic Concepts
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You can download the teacher prepared revision notes for CBSE Class 12 Accountancy Partnership Guarantee Of Profits Notes from StudiesToday.com. These notes are designed as per 2026-27 academic session to help Class 12 students get the best study material for Accountancy.
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