Adil, Bilal, and Ramiz are in partnership sharing profits and losses in the ratio of 4 : 2 : 1 respectively. It was provided that Ramiz’s share in profits would not be less than ₹ 7,500 in a year. Profit for the year ended 31st March 2023 was ₹ 31,500. You are required to pass the Journal entries and prepare Profit and Loss Appropriation Account.
Adil, Bilal, and Ramiz are in partnership sharing profits and losses in the ratio of 4 : 2 : 1 respectively.
It was provided that Ramiz’s share in profits would not be less than ₹ 7,500 in a year.
Profit for the year ended 31st March 2023 was ₹ 31,500.
You are required to pass the Journal entries and prepare Profit and Loss Appropriation Account.
Anurag Pathak Changed status to publish April 15, 2023
