Rahul, Shiv and Kabir were three partners sharing profits and losses in the ratio of 3: 2:3. As
on 1st April 2023 their capital accounts balances stood at #80,000, 70,000 and 20,000 (Dr.)
respectively. On this date, they admitted Robert into the partner with a capital of 40,000.
He is to have 3 share of the profit, with a guarantee minimum share of distribution profits
Ys
of 30,000. it was decided that Rahul, Shiv and Kabir would suffer any excess over 1/3 going
to Robert in the ratio of 2:2:1 respectively. The new profit sharing ratio among partners being
Rahul: Shiv: Kabir: Robert is 3:2:3:2.
The profit of the firm for the year 2023-24 was 1,50,000 before the following adjustments
were made:
-Interest on capital 10% p.a. to be allowed to partners.
-Interest on Drawings: Kabir 2000, Shiv * 4000.
-Salary to partners: Shiv 7000, Robert 10,000.
You are required to Prepare a Profit & Loss Appropriation A/c for the year ended 31st March
2024..
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