Dhoni, Kohli, and Ishant are partners in the Sports goods business sharing profits and losses in the ratio of 2 : 2 : 1. Ishant is guaranteed a profit of ₹ 5,00,000 per annum by Dhoni and Kohli. Any shortfall in the guaranteed profit to Ishant is to be borne by Dhoni and Kohli in the ratio of 4 : 1. During the year ended 31st March 2023, the firm incurred a loss of ₹ 2,00,000. Their capitals on 1st April, 2022 were ₹ 15,00,000; ₹ 14,00,000 and ₹ 5,00,000 respectively. You are required to prepare the necessary accounts giving effect to the above.
Dhoni, Kohli, and Ishant are partners in the Sports goods business sharing profits and losses in the ratio of 2 : 2 : 1.
Ishant is guaranteed a profit of ₹ 5,00,000 per annum by Dhoni and Kohli.
Any shortfall in the guaranteed profit to Ishant is to be borne by Dhoni and Kohli in the ratio of 4 : 1.
During the year ended 31st March 2023, the firm incurred a loss of ₹ 2,00,000.
Their capitals on 1st April, 2022 were ₹ 15,00,000; ₹ 14,00,000 and ₹ 5,00,000 respectively.
You are required to prepare the necessary accounts giving effect to the above.
Anurag Pathak Changed status to publish April 15, 2023