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P,Q and R are partners,sl sharing profit in ratio 3:2:1. 1.R would get minimum profit of ₹30000, 2.Q made guarantee to the firm that he would earn minimum ₹480000, firm earned ₹1520000 for the current year it included 320000 earned by Q. prepare profit and loss appropriation account for distribution of profit among partners?
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P,Q and R are partners,sl sharing profit in ratio 3:2:1. 1.R would get...
Profit and Loss Appropriation Account for the year ended [Date]
Partners' Capital Accounts
- P's Capital Account
- Q's Capital Account
- R's Capital Account
Profit and Loss Account
- Profit for the year [Amount]
- Add: Q's guaranteed minimum profit [Amount]
- Total Profit [Amount]
- Less: R's guaranteed minimum profit [Amount]
- Balance Profit [Amount]
Appropriation of Profit
- Transfer to P's Capital Account [Amount]
- Transfer to Q's Capital Account [Amount]
- Transfer to R's Capital Account [Amount]
- Balance carried forward [Amount]
- Total [Amount]
Calculation of Profit and Loss Appropriation Account
- Profit earned by the firm = ₹1520000
- Profit shared in ratio 3:2:1
- Profit share of R = 1/6 of total profit
- R's guaranteed minimum profit = ₹30000
- Balance profit for R = ₹(1/6 of total profit - ₹30000)
- Q's guaranteed minimum profit = ₹480000
- Profit earned by Q = ₹320000
- Balance profit for Q = ₹(1/2 of total profit - ₹320000 + ₹480000)
- Profit share of P = 3/6 of total profit
- Balance profit for P = ₹(3/6 of total profit - balance profit for R - balance profit for Q)
Explanation
The Profit and Loss Appropriation Account is a statement that summarizes the distribution of profits amongst the partners of a firm. The account is divided into three sections, including partners' capital accounts, profit and loss account, and appropriation of profit.
In this case, the partners are P, Q, and R, sharing profits in the ratio of 3:2:1. The firm earned a total profit of ₹1520000, which includes Q's guaranteed minimum profit of ₹480000. R is guaranteed a minimum profit of ₹30000.
The Profit and Loss Appropriation Account is prepared by calculating the balance profit for each partner after deducting their guaranteed minimum profit. The balance profit is then distributed amongst the partners in their respective profit-sharing ratios.
In this case, the balance profit for R is ₹(1/6 of total profit - ₹30000), the balance profit for Q is ₹(1/2 of total profit - ₹320000 + ₹480000), and the balance profit for P is ₹(3/6 of total profit - balance profit for R - balance profit for Q). These amounts are then transferred to the respective partners' capital accounts.
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P,Q and R are partners,sl sharing profit in ratio 3:2:1. 1.R would get minimum profit of ₹30000, 2.Q made guarantee to the firm that he would earn minimum ₹480000, firm earned ₹1520000 for the current year it included 320000 earned by Q. prepare profit and loss appropriation account for distribution of profit among partners?
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P,Q and R are partners,sl sharing profit in ratio 3:2:1. 1.R would get minimum profit of ₹30000, 2.Q made guarantee to the firm that he would earn minimum ₹480000, firm earned ₹1520000 for the current year it included 320000 earned by Q. prepare profit and loss appropriation account for distribution of profit among partners? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about P,Q and R are partners,sl sharing profit in ratio 3:2:1. 1.R would get minimum profit of ₹30000, 2.Q made guarantee to the firm that he would earn minimum ₹480000, firm earned ₹1520000 for the current year it included 320000 earned by Q. prepare profit and loss appropriation account for distribution of profit among partners? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for P,Q and R are partners,sl sharing profit in ratio 3:2:1. 1.R would get minimum profit of ₹30000, 2.Q made guarantee to the firm that he would earn minimum ₹480000, firm earned ₹1520000 for the current year it included 320000 earned by Q. prepare profit and loss appropriation account for distribution of profit among partners?.
P,Q and R are partners,sl sharing profit in ratio 3:2:1. 1.R would get minimum profit of ₹30000, 2.Q made guarantee to the firm that he would earn minimum ₹480000, firm earned ₹1520000 for the current year it included 320000 earned by Q. prepare profit and loss appropriation account for distribution of profit among partners? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about P,Q and R are partners,sl sharing profit in ratio 3:2:1. 1.R would get minimum profit of ₹30000, 2.Q made guarantee to the firm that he would earn minimum ₹480000, firm earned ₹1520000 for the current year it included 320000 earned by Q. prepare profit and loss appropriation account for distribution of profit among partners? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for P,Q and R are partners,sl sharing profit in ratio 3:2:1. 1.R would get minimum profit of ₹30000, 2.Q made guarantee to the firm that he would earn minimum ₹480000, firm earned ₹1520000 for the current year it included 320000 earned by Q. prepare profit and loss appropriation account for distribution of profit among partners?.
Solutions for P,Q and R are partners,sl sharing profit in ratio 3:2:1. 1.R would get minimum profit of ₹30000, 2.Q made guarantee to the firm that he would earn minimum ₹480000, firm earned ₹1520000 for the current year it included 320000 earned by Q. prepare profit and loss appropriation account for distribution of profit among partners? in English & in Hindi are available as part of our courses for Class 12.
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P,Q and R are partners,sl sharing profit in ratio 3:2:1. 1.R would get minimum profit of ₹30000, 2.Q made guarantee to the firm that he would earn minimum ₹480000, firm earned ₹1520000 for the current year it included 320000 earned by Q. prepare profit and loss appropriation account for distribution of profit among partners?, a detailed solution for P,Q and R are partners,sl sharing profit in ratio 3:2:1. 1.R would get minimum profit of ₹30000, 2.Q made guarantee to the firm that he would earn minimum ₹480000, firm earned ₹1520000 for the current year it included 320000 earned by Q. prepare profit and loss appropriation account for distribution of profit among partners? has been provided alongside types of P,Q and R are partners,sl sharing profit in ratio 3:2:1. 1.R would get minimum profit of ₹30000, 2.Q made guarantee to the firm that he would earn minimum ₹480000, firm earned ₹1520000 for the current year it included 320000 earned by Q. prepare profit and loss appropriation account for distribution of profit among partners? theory, EduRev gives you an
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