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Revision Notes for Class 12 Accountancy Part 1 Chapter 2 Accounting for Partnership Basic Concepts
Class 12 Accountancy students should refer to the following concepts and notes for Part 1 Chapter 2 Accounting for Partnership Basic Concepts in Class 12. These exam notes for Class 12 Accountancy will be very useful for upcoming class tests and examinations and help you to score good marks
Part 1 Chapter 2 Accounting for Partnership Basic Concepts Notes Class 12 Accountancy
ended on December 31, 2012 amounted ˆ60,000. Any excess payable to C on account of such guarantee shall be borne by A and B in equal ratio.
Prepare a profit and loss appropriation account to show the distribution of profits as per terms of partnership deed.
Solution----
C has been credited by debiting firm for 10,000 &
C has been credited by debiting A and B in specific ratio , i.e, equal
Profit and Loss Appropriation Account
For the year ending on 31ST March, 2012
Minimum guarantee to C = ˆ 15,000
Less: C’s actual share in profits = ˆ 10,000
Deficiency in profits = ˆ 15,000 - ˆ 10,000 = ˆ 5,000
This deficiency will be borne by A and B in equal ratio i.e., 1:1.
(Guarantee of minimum profits to a partner by other partner – one partner only)
A, B and C are partners in a firm sharing profits and losses in the ratio of 3:2:1 with a guarantee of minimum profits to C for ˆ 15,000. Total profits of the firm for the year ended on December 31, 2012 amounted ˆ60,000. Any excess payable to C on account of such guarantee shall be borne by A.
Prepare a profit and loss appropriation account to show the distribution of profits as per terms of partnership deed.
C has been credited by debiting firm for 10,000 &
C has been credited by debiting A only for 5,000
Profit and Loss Appropriation Account
For the year ending on 31ST March, 2012
2. A, B and C are partners in a firm sharing profits and losses in the ratio of 3:2:1 with a guarantee of minimum profits to C for ˆ 15,000. Total profits of the firm for the year ended on December 31, 2012 amounted ˆ60,000. Any excess payable to C on account of such guarantee shall be borne by B.
Prepare a profit and loss appropriation account to show the distribution of profits as per terms of partnership deed.
C has been credited by debiting firm for 10,000 &
C has been credited by debiting B only for 5,000
Please click the link below to download pdf file for CBSE Class 12 Partnership - Guarantee of Profits Notes.
| CBSE Class 12 Accountancy Important Formulas |
| CBSE Class 12 Accountancy Accounting For Not For Profit Organisations Notes Set A |
| CBSE Class 12 Accountancy Accounting For Not For Profit Organisations Notes Set B |
| CBSE Class 12 Accountancy Accounting For Partnership Firms Admission Of A Partner Notes |
| CBSE Class 12 Accountancy Accounting For Partnership Firms Fundamentals Notes |
| CBSE Class 12 Accountancy Reconstitution Of Partnership Notes |
| CBSE Class 12 Accountancy Retirement Or Death Of A Partner Notes |
| CBSE Class 12 Accountancy Dissolution Of A Partnership Firm Notes |
| CBSE Class 12 Accountancy Accounting For Debentures Notes |
| CBSE Class 12 Accountancy Redemption Of Debenture Notes |
| CBSE Class 12 Accountancy Financial Statement Of Companies Notes |
| CBSE Class 12 Accountancy Analysis Of Financial Statements Notes |
| CBSE Class 12 Accountancy Partnership Common Size And Comparative Statements Notes |
CBSE Class 12 Accountancy Part 1 Chapter 2 Accounting for Partnership Basic Concepts Notes
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