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Karan lokesh and mihir entered into partnership on 1st January 2011 to share profits in the ratio of 3:1:1. It was provided in the deed that Mihir's share of profit will not be less than Rs. 25,000 per annum and Karan will be allowed a salary of Rs. 10,000 per annum. The losses of the firm for the year ended 31st December 2011, were Rs. 1.00.000 before allowing salary to Karan. Prepare Profit and Loss Appropriation Account for the year ended 31st December 2011?
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Karan lokesh and mihir entered into partnership on 1st January 2011 to...
Profit and Loss Appropriation Account for the year ended 31st December 2011



  • Losses before allowing salary to Karan: Rs. 1,00,000

  • Karan's Salary: Rs. 10,000

  • Net Loss: Rs. 1,10,000



Calculation of Share of Profit



  • Karan's Share: 3/5 x (Net Profit - Mihir's Guaranteed Share of Profit)

  • Mihir's Guaranteed Share of Profit: Rs. 25,000

  • Mihir's Share: 1/5 x (Net Profit - Mihir's Guaranteed Share of Profit)



Profit and Loss Appropriation



  • Karan's Salary: Rs. 10,000

  • Mihir's Guaranteed Share of Profit: Rs. 25,000

  • Transfer of Loss to Partners' Capital Accounts:


    • Karan: 3/5 x Rs. 85,000 (Net Profit - Mihir's Guaranteed Share) = Rs. 51,000

    • Mihir: 1/5 x Rs. 85,000 (Net Profit - Mihir's Guaranteed Share) = Rs. 17,000


  • Total Appropriation: Rs. 1,03,000



Therefore, the Profit and Loss Appropriation Account for the year ended 31st December 2011 will show a net loss of Rs. 1,10,000 and an appropriation of Rs. 1,03,000, which includes Karan's salary, Mihir's guaranteed share of profit, and the transfer of losses to the partners' capital accounts.
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Karan lokesh and mihir entered into partnership on 1st January 2011 to share profits in the ratio of 3:1:1. It was provided in the deed that Mihir's share of profit will not be less than Rs. 25,000 per annum and Karan will be allowed a salary of Rs. 10,000 per annum. The losses of the firm for the year ended 31st December 2011, were Rs. 1.00.000 before allowing salary to Karan. Prepare Profit and Loss Appropriation Account for the year ended 31st December 2011?
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Karan lokesh and mihir entered into partnership on 1st January 2011 to share profits in the ratio of 3:1:1. It was provided in the deed that Mihir's share of profit will not be less than Rs. 25,000 per annum and Karan will be allowed a salary of Rs. 10,000 per annum. The losses of the firm for the year ended 31st December 2011, were Rs. 1.00.000 before allowing salary to Karan. Prepare Profit and Loss Appropriation Account for the year ended 31st December 2011? 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 Karan lokesh and mihir entered into partnership on 1st January 2011 to share profits in the ratio of 3:1:1. It was provided in the deed that Mihir's share of profit will not be less than Rs. 25,000 per annum and Karan will be allowed a salary of Rs. 10,000 per annum. The losses of the firm for the year ended 31st December 2011, were Rs. 1.00.000 before allowing salary to Karan. Prepare Profit and Loss Appropriation Account for the year ended 31st December 2011? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Karan lokesh and mihir entered into partnership on 1st January 2011 to share profits in the ratio of 3:1:1. It was provided in the deed that Mihir's share of profit will not be less than Rs. 25,000 per annum and Karan will be allowed a salary of Rs. 10,000 per annum. The losses of the firm for the year ended 31st December 2011, were Rs. 1.00.000 before allowing salary to Karan. Prepare Profit and Loss Appropriation Account for the year ended 31st December 2011?.
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Here you can find the meaning of Karan lokesh and mihir entered into partnership on 1st January 2011 to share profits in the ratio of 3:1:1. It was provided in the deed that Mihir's share of profit will not be less than Rs. 25,000 per annum and Karan will be allowed a salary of Rs. 10,000 per annum. The losses of the firm for the year ended 31st December 2011, were Rs. 1.00.000 before allowing salary to Karan. Prepare Profit and Loss Appropriation Account for the year ended 31st December 2011? defined & explained in the simplest way possible. Besides giving the explanation of Karan lokesh and mihir entered into partnership on 1st January 2011 to share profits in the ratio of 3:1:1. It was provided in the deed that Mihir's share of profit will not be less than Rs. 25,000 per annum and Karan will be allowed a salary of Rs. 10,000 per annum. The losses of the firm for the year ended 31st December 2011, were Rs. 1.00.000 before allowing salary to Karan. Prepare Profit and Loss Appropriation Account for the year ended 31st December 2011?, a detailed solution for Karan lokesh and mihir entered into partnership on 1st January 2011 to share profits in the ratio of 3:1:1. It was provided in the deed that Mihir's share of profit will not be less than Rs. 25,000 per annum and Karan will be allowed a salary of Rs. 10,000 per annum. The losses of the firm for the year ended 31st December 2011, were Rs. 1.00.000 before allowing salary to Karan. Prepare Profit and Loss Appropriation Account for the year ended 31st December 2011? has been provided alongside types of Karan lokesh and mihir entered into partnership on 1st January 2011 to share profits in the ratio of 3:1:1. It was provided in the deed that Mihir's share of profit will not be less than Rs. 25,000 per annum and Karan will be allowed a salary of Rs. 10,000 per annum. The losses of the firm for the year ended 31st December 2011, were Rs. 1.00.000 before allowing salary to Karan. Prepare Profit and Loss Appropriation Account for the year ended 31st December 2011? theory, EduRev gives you an ample number of questions to practice Karan lokesh and mihir entered into partnership on 1st January 2011 to share profits in the ratio of 3:1:1. It was provided in the deed that Mihir's share of profit will not be less than Rs. 25,000 per annum and Karan will be allowed a salary of Rs. 10,000 per annum. The losses of the firm for the year ended 31st December 2011, were Rs. 1.00.000 before allowing salary to Karan. Prepare Profit and Loss Appropriation Account for the year ended 31st December 2011? tests, examples and also practice Class 12 tests.
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