Ultimate Book of Accountancy Class 12 Part A Solutions – Basics of Partnership

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Practical Problems

Solution 1:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q1

Solution 2:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q2

Solution 3:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q3

Solution 4:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q4-i
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q4-ii

Solution 5:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q5

Solution 6:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q6

Solution 7:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q7

Solution 8:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q8

Solution 9:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q9-i
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q9-ii
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q9-iii

Solution 10:
Case 1:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q10-i
Case 2:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q10-ii
Case 3:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q10-iii

Solution 11:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q11-i
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q11-ii
Working Note:
Profit = 20,100 – 4,500 = 15,600
Out of which 12,000 divided as 50%, 30% and 20% and remaining 3,600 in equal ratio.
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q11-iii

Solution 12:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q12-i
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q12-ii

Solution 13:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q13-i
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q13-ii
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q13-iii

Solution 14:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q14

Solution 15:
Case 1: Claim of B is not valid because partnership deed is silent on interest on partner’s loan. So he is entitled only for 6% p.a.
Case 2: Profit sharing ratio will be equal.

Solution 16:
(a) No salary will be given to any partner.
(b) No interest on capital to any partner. Only X will get 6% p.a. interest on loan.
(c) New partner can be admitted with the consent of old partners. In this case Y is objective, so X cannot admit his son as a partner.

Solution 17:
(a) No salary will be paid.
(b) No interest on capital will be given to any partner.
(c) Interest on partner’s loan will be 6% p.a.
(d) Profit sharing ratio will be equal
(e) No interest on drawings will be charged.

Solution 18:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q18

Solution 19:
Interest on M’s Loan (for 9 months) = 8,000 x 6/100 x 9/12 = 360

Solution 20:
Interest on A’s Loan = 15,000 x 6/100 x 6/12 = 450
Interest on B’s Loan = 15,000 x 6/100 x 6/12 = 450

Solution 21:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q21

Solution 22:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q22

Solution 23:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q23

Solution 24:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q24

Solution 25:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q25

Solution 26:
Interest on capital to B
Opening Capital = 8,000 + 3,000 (Drawings) – 1,000 (Profit)
Interest = 10,000 x 5/100 = 500
Note: Total profit was Rs.6,000 during the year out of which Rs.4,000 was kept aside and Rs.2,000 distributed by the partners in equally i.e. 1,000 each.

Solution 27:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q27

Solution 28:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q28

Solution 29:
Interest on John’s Capital = 2,00,000 x 5/100 = 10,000
Interest on Smith’s Capital = 2,00,000 x 5/100 = 10,000

Solution 30:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q30

Solution 31:
Case (a):
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q31-i
Interest to Hero Rs.6,000 and Zero Rs.3,000 = 6,000 + 3,000 = 9,000 but profit is only 7,500
Ratio of appropriations = 6,000 : 3,000 = 2 : 1
Now : 7,500 x 2/3 = 5,000 and 7,500 x 1/3 = 2,500
Case (b):
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q31-ii

Solution 32:
(a) Partnership deed is silent as to payment to interest on capital so no interest on capital will be calculated and profit will be shared by the partners directly in their profit sharing ratio i.e. 3 : 2.
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q32-i
(d) No interest on capital, because interest on capital is an appropriation and in case of loss no appropriation to the partners. Loss will be shared by the partners in their profit sharing ratio 3:2.
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q32-ii

Solution 33:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q33

Solution 34:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q34

Solution 35:
English = 1,00,000 x 6/100 x 7.5/12 = 3,750
Hindi = 1,00,000 x 6/100 x 4.5/12 = 2,250

Solution 36:
A = 72,000 x 15/100 x 6.5/12 = 5,850
B = 72,000 x 15/100 x 5.5/12 = 4,950
C = 72,000 x 15/100 x 6/12 = 5,400

Solution 37:
Hina = 60,000 x 6/100 x 6.5/12 = 1,950
Rahim = 60,000 x 6/100 x 5.5/12 = 1,650

Solution 38:
Keyboard = 1,80,000 x 10/100 x 5/12 = 7,500
Mouse = 1,80,000 x 10/100 x 4/12 = 6,000
Printer = 1,80,000 x 10/100 x 4.5/12 = 6,750

Solution 39:
A = 90,000 x 8/100 x 3.5/12 = 2,100
B = 90,000 x 8/100 x 2.5/12 = 1,500
C = 90,000 x 8/100 x 3/12 = 1,800

Solution 40:
(i) 45,000 x 10/100 x 6/12 = 2,250
(ii) 45,000 x 10/100 x 6/12 = 2,250
(iii) 8,000 x 10/100 x 6/12 = 400

Solution 41:
Tom = 24,000 x 10/100 = 2,400
Jerry = 16,000 x 10/100 = 1,600

Solution 42:
(i) 60,000 x 10/100 x 6/12 = 3,000
(ii) 50,000 x 10/100 = 5,000
(iii) 20,000 x 10/100 = 2,000
10,00 x 10/100 = 1,000
Total = 2,000 + 1,000 = 3,000

Solution 43:
(a) 12,000 x 10/100 x 6.5/12 = 650
(b) 12,000 x 10/100 x 5.5/12 = 550
(c) 12,000 x 10/100 x 6/12 = 600
(d) 24,000 x 10/100 x 6/12 = 1,200
(e) 12,000 x 10/100 x 6/12 = 600
(f) 12,000 x 10/100 x 7.5/12 = 750
(g) 12,000 x 10/100 x 4.5/12 = 450
(h) 12,000 x 10/100 x 6/12 = 600
(i) 36,000 x 10/100 x 5/12 = 1,500
(j) 72,000 x 10/100 x 3.5/12 = 2,100

Solution 44:
Interest on A’s Loan = 60,000 x 3/5 = 36,000
36,000 x 6/100 x 6/12 = 1,080
Interest on B’s Loan = 60,000 x 2/5 = 24,000
24,000 x 6/100 x 6/12 = 720

Solution 45:
Case 1:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q45-i
Case 2:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q45-ii
Case 3:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q45-iii

Solution 46:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q46

Solution 47:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q47

Solution 48:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q48

Solution 49:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q49

Solution 50:
Z’s Capital A/c Dr. 135
To X’s Capital A/c 120
To Y’s Capital A/c 15
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q50

Solution 51:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q51

Solution 52:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q52

Solution 53:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q53

Solution 54:
Y’s Capital A/c Dr. 225
To X’s Capital A/c 150
To Z’s Capital A/c 75
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q54

Solution 55:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q55

Solution 56:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q56

Solution 57:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q57-i
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q57-ii
Note for teachers: Partners have directly divided profit Rs.1,80,000 in ratio of 3:2:1 i.e. A Rs.90,000; B Rs.60,000 and C Rs.30,000.
But they should have prepared P/L Appropriation Account to provide salary, commission and guaranteed amount etc.
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q57-iii
Note : Deficiency of Rs.8,125 borne by B and C in 3:2 ratio.

Solution 58:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q58

Solution 59:
A’s Capital A/c Dr. 121
To B’s Capital A/c 121
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q59

Solution 60:
Anil’s Capital A/c Dr. 1,100
To Mohan’s Capital A/c 1,100
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q60

Solution 61:
S’s Current A/c Dr. 10,112
To R’s Current A/c 10,112
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q61
Note : Interest on drawings should not be deducted because this is already taken benefit.

Solution 62:
B’s Current A/c Dr. 5,600
To A’s Current A/c 5,600
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q62

Solution 63:
Q’s Capital A/c Dr. 4,000
R’s Capital A/c Dr. 1,000
To P’s Capital A/c 5,000
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q63

Solution 64:
B’s Capital A/c Dr. 4,000
To A’s Capital A/c 3,000
To C’s Capital A/c 1,000
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q64

Solution 65:
Anu Dr. 250
To Beena 25
To Ceema 100
To Deepa 125
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q65

Solution 66:
Mohan’s Current A/c Dr. 60
To Ram’s Current A/c 60
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q66

Solution 67:
Z’s Current A/c Dr. 400
To Y’s Current A/c 400
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q67

Solution 68:
S’s Capital A/c Dr. 27,000
To R’s Capital A/c 27,000
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q68

Solution 69:
Jagdish Dr. 3,000
To Ashish 2,000
To Deepak 1,000
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q69
Hint: Profits are taken for last 4 years and not for 5 years.

Solution 70:
A’s Capital A/c Dr. 31,666
To B’s Capital A/c 6,333
To C’s Capital A/c 25,333
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q70

Solution 71:
X Dr. 45,000
Y Dr. 5,000
To Z 50,000
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q71

Solution 72:
Y Dr. 7
Z Dr. 23
To X 30
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q72

Solution 73:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q73-i
Working Note: Profit distribution
Robine = 80,000 x 5/10 = 40,000 – 1,000
William = 80,000 x 4/10 = 32,000 – 1,000
Henry = 80,000 x 1/10 = 8,000 + 1,000 from Robin + 1,000 from William
Gauranteed amount to Henry 10,000 but he is getting only 8,000, deficiency of 2,000 will be borne by Robin and William equally.
OR
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q73-ii

Solution 74:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q74-i
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q74-ii
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q74-iii

Solution 75:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q75
Note : Deficiency of Rs.2,000 will be borne by Austin and Alex in 3:2.

Solution 76:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q76
Working Note : Deficiency 500 – 230 = 270
Ram will pay = 270 x 3/5 = 162
Mohan will pay = 270 x 2/5 = 108

Solution 77:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q77-i
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q77-ii

Solution 78:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q78

Solution 79:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q79
Calculation of new share : 1- 1/5 = 4/5 Remaining share
New share of A = 2/3 x 4/5 = 8/15
New share of B = 1/3 x 4/5 = 4/15
New share of C = 1/5 x 3/3 = 3/15
Deficiency 10,000 will be borne by A.

Solution 80:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q80
Amount due as manager: Salary 10,000 + Commission 4,000 (84,000 x 5/105) = 14,000
Amount due as partner (profit) = 94,000 x 1/5 = 18,800
Deficiency = 18,800 – 14,000 = 4,800
Actual profit after deducting salary and commission was Rs.80,000 i.e.
94,000 – 10,000 Salary – 4,000 Commission = 80,000
Profit to X = 80,000 x ¾ = 60,000 – 4,800 Deficiency = 55,200
Profit to Y = 80,000 x ¼ = 20,000

Solution 81:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q81

Solution 82:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q82

Solution 83:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q83-i
Amount payable as partner = 54,300 x 1/6 = 9,050
Deficiency = 9,050 – 8,300 = 750
Actual profit = 54,300 – Salary – Commission = 46,000
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q83-ii

Solution 84:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q84

Solution 85:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q85

Solution 86:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q86-i
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q86-ii
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q86-iii

Solution 87:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q87

Solution 88:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-q88

Brilliant Problems

Solution 1:
Manager’s Commission = 1,10,000 x 10/110 = 10,000
A’s Commission = 1,10,000 – 10,000 = 1,00,000 x 12/100 = 12,000
B’s Commission = 1,00,000 – 12,000 = 88,000 x 10/110 = 8,000

Solution 2:
C’s Capital A/c Dr. 17,000
To A’s Capital A/c 9,000
To B’s Capital A/c 8,000
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q2-i
Note for teachers: Partners have directly divided profit Rs.1,05,000 in ratio of 1:1:1 i.e. A Rs.35,000; B Rs.35,000 and C Rs.35,000.
But they should have prepared P/L Appropriation Account to provide salary, commission and guaranteed amount etc.
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q2-ii
Note : Deficiency of Rs.6,000 borne by A and C in 3:1 ratio.

Solution 3:
X’s Current A/c Dr. 750
To Y’s Current A/c 150
To Z’s Current A/c 600
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q3

Solution 4:
C’s Capital A/c Dr. 5,000
To A’s Capital A/c 2,600
To B’s Capital A/c 2,400
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q4-i
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q4-ii

Solution 5:
Nisha’s Capital A/c Dr. 55,000
To Preeti’s Capital A/c 55,000
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q5

Solution 6:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q6

Solution 7:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q7

Solution 8:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q8
Note: No partnership deed so do not calculate interest on drawings and profits will be shared equally.

Solution 9:
E’s Current A/c Dr. 22,200
To F’s Current A/c 1,200
To G’s Current A/c 21,000
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q9

Solution 10:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q10

Solution 11:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q11
Note: No partnership deed, so no salary to partners.

Solution 12:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q12-i
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q12-ii
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q12-iii

Solution 13:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q13
Working Note: Interest on capital to Bunty Rs.36,000 and his guaranteed share is 82,000 (including interest on capital). His actual share: 36,000 (interest on capital) + 44,000 profit = 80,000 Deficiency = 82,000 – 80,000 = 2,000

Solution 14:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q14
General Reserve = 1,84,500 + 600 + 450 – 6,600 – 4,800 = 1,74,150 x 10/100 = 17,415

Solution 15:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q15
Note : No interest on capital to Z because his capital account is showing negative balance.
X’s Commission = Profit 99,000 x 10/100 = 9,900
Y’s Commission = 99,000 – 9,900 = 89,100 x 10/100 = 8,910

Solution 16:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q16-i
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q16-ii

Solution 17:
Z’s Capital A/c Dr. 135
To X’s Capital A/c 120
To Y’s Capital A/c 15
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q17

Solution 18:
SK’s Capital A/c Dr. 48
To VK’s Capital A/c 48
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q18

Solution 19:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q19

Solution 20:
X’s Capital A/c Dr. 3,000
Y’s Capital A/c Dr. 16,500
To Z’s Capital A/c 19,500
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q20-i
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q20-ii
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q20-iii

Solution 21:
A’s Capital A/c Dr.8,500
To B’s Capital A/c 4,500
To C’s Capital A/c 4,500
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q21

Solution 22:
(a) 12,000 x 5/100 = 600
(b) 24,000 x 6/100 = 1,440
(c) 20,000 x 6/100 x 6/12 = 600
(d) 10,000 x 6/100 = 600

Solution 23:
(a) 45,000 x 8/100 x 5/12 = 1,500
(b) 18,000 x 8/100 x 4/12 = 480
(c) 9,000 x 8/100 x 4.5/12 = 270
(d) 6,000 x 8/100 x 3.5/12 = 140
(e) 12,000 x 8/100 x 7/12 = 560

Solution 24:
RK’s Capital A/c Dr. 5,000
RS’s Capital A/c Dr. 5,000
To RT’s Capital A/c 10,000
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q24

Solution 25:
Rajesh’s Current A/c Dr. 264
To Sunil’s Current A/c 264
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q25

Solution 26:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q26

Solution 27:
Candy’s Current A/c Dr. 18,000
To Ashok’s Current A/c 16,000
To Brijesh’s Current A/c 2,000
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q27

Solution 28:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q28-i
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q28-ii
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q28-iii

Solution 29:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q29
Note : Commission = 13,00,000 x 30/130 = 3,00,000
Ram = 3,00,000 x 4/10 = 1,20,000
Shyam = 3,00,000 x 3/10 = 90,000
Mohan = 3,00,000 x 2/10 = 60,000
Sohan = 3,00,000 x 1/10 = 30,000

Solution 30:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q30
Profit to AK = 3,60,000 x 7/12 = 2,10,000 – 3,000 to DK = 2,07,000
Profit to BK = 3,60,000 x 3/12 = 90,000
Profit to DK = 3,60,000 x 2/12 = 60,000 + 3,000 from AK
DK’s share of profit including interest should be = 75,000
Profit 60,000 + 12,000 (interest) = 72,000; Deficiency 3,000 met by AK.

Solution 31:
Vinod’s Current A/c Dr. 600
To Suraj’s Current A/c 600
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q31

Solution 32:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q32
Working Note: Distribution of Profit :
Vandana = 9,00,000 x 1/8 = 1,12,500
Vikas = 9,00,000 profit – Vandana’s share 1,12,500 = 7,87,500 x 3/5 = 4,72,500
Vivek = 9,00,000 profit – Vandana’s share 1,12,500 = 7,87,500 x 2/5 = 2,92,500
Deficiency in Vandana’s Share = 1,50,000 (guaranteed amount) – 1,12,500 = 37,500
Deficiency cover up by:
Vikas = 37,500 x 2/5 = 15,000
Vivek = 37,500 x 3/5 = 22,500

Solution 33:
ultimate-book-accountancy-class-12-part-solutions-basics-partnership-bp-q33

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