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Manika bhabhi and Komal are partners sharing profits in the ratio of 6 ratio 4 ratio 1 is guaranteed a minimum profit of 200000 the firm in curd a loss of vice lack of the year ended 31st March 2018 pass a necessary general and recording the efficiency borne by manika and half and prepare profit and loss appropriation account?
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Manika bhabhi and Komal are partners sharing profits in the ratio of 6...
General entry for loss incurred:
Loss A/c Dr. 750,000
To Manika’s Capital A/c 450,000
To Komal’s Capital A/c 300,000
Explanation:
The loss of 750,000 is transferred to the Capital A/c of Manika and Komal in their profit-sharing ratio (6:4:1). Manika’s share of loss (6/11 x 750,000) is 400,000 and Komal’s share of loss (4/11 x 750,000) is 300,000.
General entry for the guaranteed minimum profit:
Manika’s Capital A/c Dr. 100,000
Komal’s Capital A/c Dr. 66,667
To Profit and Loss Appropriation A/c 166,667
Explanation:
The guaranteed minimum profit of 200,000 is distributed among the partners in their profit-sharing ratio (6:4:1). Manika’s share of guaranteed profit (6/11 x 200,000) is 100,000 and Komal’s share of guaranteed profit (4/11 x 200,000) is 66,667. The amount is transferred to the Profit and Loss Appropriation A/c.
Profit and Loss Appropriation Account for the year ended 31st March 2018:
Particulars Amount (Rs.)
Profit and Loss b/d 0
Add: Guaranteed minimum profit 200,000
Less: Loss incurred (750,000)
Net loss transferred to partners’ Capital A/c (550,000)
Total (550,000)
Less: Manika’s share of loss (400,000)
Less: Komal’s share of loss (300,000)
Balance carried down 0
Explanation:
- The Profit and Loss Account is debited with the guaranteed minimum profit of 200,000 and credited with the loss incurred of 750,000.
- The net loss of 550,000 is transferred to the Capital A/c of the partners in their profit-sharing ratio (6:4:1). Manika’s share of loss (6/11 x 550,000) is 400,000 and Komal’s share of loss (4/11 x 550,000) is 300,000.
- The Profit and Loss Appropriation A/c is credited with the net loss of 550,000 and debited with the guaranteed minimum profit of 200,000 and the partners’ shares of loss.
- The balance carried down is zero as there is no profit to be distributed among the partners.
Loss A/c Dr. 750,000
To Manika’s Capital A/c 450,000
To Komal’s Capital A/c 300,000
Explanation:
The loss of 750,000 is transferred to the Capital A/c of Manika and Komal in their profit-sharing ratio (6:4:1). Manika’s share of loss (6/11 x 750,000) is 400,000 and Komal’s share of loss (4/11 x 750,000) is 300,000.
General entry for the guaranteed minimum profit:
Manika’s Capital A/c Dr. 100,000
Komal’s Capital A/c Dr. 66,667
To Profit and Loss Appropriation A/c 166,667
Explanation:
The guaranteed minimum profit of 200,000 is distributed among the partners in their profit-sharing ratio (6:4:1). Manika’s share of guaranteed profit (6/11 x 200,000) is 100,000 and Komal’s share of guaranteed profit (4/11 x 200,000) is 66,667. The amount is transferred to the Profit and Loss Appropriation A/c.
Profit and Loss Appropriation Account for the year ended 31st March 2018:
Particulars Amount (Rs.)
Profit and Loss b/d 0
Add: Guaranteed minimum profit 200,000
Less: Loss incurred (750,000)
Net loss transferred to partners’ Capital A/c (550,000)
Total (550,000)
Less: Manika’s share of loss (400,000)
Less: Komal’s share of loss (300,000)
Balance carried down 0
Explanation:
- The Profit and Loss Account is debited with the guaranteed minimum profit of 200,000 and credited with the loss incurred of 750,000.
- The net loss of 550,000 is transferred to the Capital A/c of the partners in their profit-sharing ratio (6:4:1). Manika’s share of loss (6/11 x 550,000) is 400,000 and Komal’s share of loss (4/11 x 550,000) is 300,000.
- The Profit and Loss Appropriation A/c is credited with the net loss of 550,000 and debited with the guaranteed minimum profit of 200,000 and the partners’ shares of loss.
- The balance carried down is zero as there is no profit to be distributed among the partners.
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Manika bhabhi and Komal are partners sharing profits in the ratio of 6 ratio 4 ratio 1 is guaranteed a minimum profit of 200000 the firm in curd a loss of vice lack of the year ended 31st March 2018 pass a necessary general and recording the efficiency borne by manika and half and prepare profit and loss appropriation account?
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Manika bhabhi and Komal are partners sharing profits in the ratio of 6 ratio 4 ratio 1 is guaranteed a minimum profit of 200000 the firm in curd a loss of vice lack of the year ended 31st March 2018 pass a necessary general and recording the efficiency borne by manika and half and prepare profit and loss appropriation account? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Manika bhabhi and Komal are partners sharing profits in the ratio of 6 ratio 4 ratio 1 is guaranteed a minimum profit of 200000 the firm in curd a loss of vice lack of the year ended 31st March 2018 pass a necessary general and recording the efficiency borne by manika and half and prepare profit and loss appropriation account? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Manika bhabhi and Komal are partners sharing profits in the ratio of 6 ratio 4 ratio 1 is guaranteed a minimum profit of 200000 the firm in curd a loss of vice lack of the year ended 31st March 2018 pass a necessary general and recording the efficiency borne by manika and half and prepare profit and loss appropriation account?.
Manika bhabhi and Komal are partners sharing profits in the ratio of 6 ratio 4 ratio 1 is guaranteed a minimum profit of 200000 the firm in curd a loss of vice lack of the year ended 31st March 2018 pass a necessary general and recording the efficiency borne by manika and half and prepare profit and loss appropriation account? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Manika bhabhi and Komal are partners sharing profits in the ratio of 6 ratio 4 ratio 1 is guaranteed a minimum profit of 200000 the firm in curd a loss of vice lack of the year ended 31st March 2018 pass a necessary general and recording the efficiency borne by manika and half and prepare profit and loss appropriation account? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Manika bhabhi and Komal are partners sharing profits in the ratio of 6 ratio 4 ratio 1 is guaranteed a minimum profit of 200000 the firm in curd a loss of vice lack of the year ended 31st March 2018 pass a necessary general and recording the efficiency borne by manika and half and prepare profit and loss appropriation account?.
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