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Rehman ,suleman and hanuman were partners in a firm sharing a ratio of 3:2:1 respectively. their fixed capital were as follows, rehman 3,00,000, suleman 2,00,000 and hanuman 1,00,000. the partnership deed provided for the following for the division of profit 10% of trading profit will be transferred to reserve account hanuman was guaranteed a profit of 50,000. any loss of guarantee to hanuman will be shared by rehman and suleman equally. the profit for the year 2,00,000. prepare profit and loss appropriation account?
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Rehman ,suleman and hanuman were partners in a firm sharing a ratio of...
Profit and Loss Appropriation Account

Calculation of Profit:
Total Profit = 2,00,000

Allocation of Profit:
- 10% of trading profit transferred to reserve account: 20,000
- Guarantee to Hanuman: 50,000
- Remaining Profit to be distributed between partners: 2,00,000 - 20,000 - 50,000 = 1,30,000

Profit Distribution:
- Rehman (3/6 share): 65,000
- Suleman (2/6 share): 43,333.33
- Hanuman (1/6 share): 21,666.67

Profit and Loss Appropriation Account:
| Particulars | Amount (₹) |
|-----------------------|------------|
| Total Profit | 2,00,000 |
| Less: Transfer to Reserve Account | 20,000 |
| Less: Guarantee to Hanuman | 50,000 |
| Remaining Profit for Distribution | 1,30,000 |
| Rehman's Share | 65,000 |
| Suleman's Share | 43,333.33 |
| Hanuman's Share | 21,666.67 |
| Total | 2,00,000 |
In this way, the profit of 2,00,000 is distributed among the partners according to their profit-sharing ratio. Hanuman's guaranteed profit is also taken into account before the final distribution of profits among the partners.
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Rehman ,suleman and hanuman were partners in a firm sharing a ratio of 3:2:1 respectively. their fixed capital were as follows, rehman 3,00,000, suleman 2,00,000 and hanuman 1,00,000. the partnership deed provided for the following for the division of profit 10% of trading profit will be transferred to reserve account hanuman was guaranteed a profit of 50,000. any loss of guarantee to hanuman will be shared by rehman and suleman equally. the profit for the year 2,00,000. prepare profit and loss appropriation account?
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Rehman ,suleman and hanuman were partners in a firm sharing a ratio of 3:2:1 respectively. their fixed capital were as follows, rehman 3,00,000, suleman 2,00,000 and hanuman 1,00,000. the partnership deed provided for the following for the division of profit 10% of trading profit will be transferred to reserve account hanuman was guaranteed a profit of 50,000. any loss of guarantee to hanuman will be shared by rehman and suleman equally. the profit for the year 2,00,000. prepare profit and loss appropriation account? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Rehman ,suleman and hanuman were partners in a firm sharing a ratio of 3:2:1 respectively. their fixed capital were as follows, rehman 3,00,000, suleman 2,00,000 and hanuman 1,00,000. the partnership deed provided for the following for the division of profit 10% of trading profit will be transferred to reserve account hanuman was guaranteed a profit of 50,000. any loss of guarantee to hanuman will be shared by rehman and suleman equally. the profit for the year 2,00,000. prepare profit and loss appropriation account? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rehman ,suleman and hanuman were partners in a firm sharing a ratio of 3:2:1 respectively. their fixed capital were as follows, rehman 3,00,000, suleman 2,00,000 and hanuman 1,00,000. the partnership deed provided for the following for the division of profit 10% of trading profit will be transferred to reserve account hanuman was guaranteed a profit of 50,000. any loss of guarantee to hanuman will be shared by rehman and suleman equally. the profit for the year 2,00,000. prepare profit and loss appropriation account?.
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