Jay Vijay and Karan were partners of an architect firm sharing profits in the ratio of 2 2 1 Their partnership deed provided the following

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CBSE-class-12-Accountancy-2019-->View question

Jay, Vijay and Karan were partners of an architect firm sharing profits in the ratio of 2 : 2 : 1. Their partnership deed provided the following :

(i) A monthly salary of ` 15,000 each to Jay and Vijay. 

 (ii) Karan was guaranteed a profit of ` 5,00,000 and Jay guaranteed that he will earn an annual fee of ` 2,00,000. Any deficiency arising because of guarantee to Karan will be borne by Jay and Vijay in the ratio of 3 : 2. During the year ended 31st March, 2018 Jay earned fee of ` 1,75,000 and the profits of the firm amounted to ` 15,00,000. 

 Showing your workings clearly prepare Profit and Loss Appropriation Account and the Capital Account of Jay, Vijay and Karan for the year ended 31st March, 2018. 


Asked On2019-07-04 11:43:44 by:Jaynil-Gaglani

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