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Class 12 Tuition > Learn Accountancy > Pink, Black and White are partners sharing 5:3:2 White...
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Pink, Black and White are partners sharing 5:3:2 White is guaranteed a minimum amount of Rs 10,000 as share of profit every year. Any deficiency shall be met by Black. The profit for the year ending 31st March 2005 where Rs 60,000. Prepare profit & loss appropriation account.

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The partners Pink, Black & White are sharing profits in the ratio 5:3:2. Given profits for the year ending 31st March 2005 are Rs 60,000. As there is no loss so no deficiency will be met by Black. And White enjoys a minimum guarantee of Rs 10,000. If we distribute the profits to the partners it will...
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The partners Pink, Black & White are sharing profits in the ratio 5:3:2. Given profits for the year ending 31st March 2005 are Rs 60,000. As there is no loss so no deficiency will be met by Black. And White enjoys a minimum guarantee of Rs 10,000. If we distribute the profits to the partners it will be like this. Pink 60,000/10*5= 30,000 Black 60,000/10*3= 18,000 White 60,000/10*2=. 12,000 The clause of minimum guarantee won't be exercised because as per PSR White is Rs 12,000. read less
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Guarantee will not be exercised becoz White will automatically getting Rs.12000 according to his profit sharing ratio. Share in profits: P = 30000 B = 18000 W = 12000
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Meaning of partnership term
Partnership is the legal relation between two or more persons who have agreed to share profits and losses of the business carried on by all or any of them acting for all.

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