Reference no: EM133002492
Question - Jay, Vijay and Karan were partners of an architect firm sharing profits in the ratio of 2: 2: 1. Their partnership deed provided the following:
(i) A monthly salary of 15,000 each to Jay and Vijay.
(ii) Karan was guaranteed a profit of 5, 00,000 and Jay guaranteed that he will earn an annual fee of 2, 00,000.
(iii) Any deficiency arising because of guarantee to Karan will be borne by Jay and Vijay in the ratio of 3: 2.
(iv) During the year ended 31st March, 2018 Jay earned fee of 1, 75,000 and the profits of the firm amounted to 15, 00,000.
Showing your workings clearly prepare Profit and Loss Appropriation Account.
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