Mukesh and Ramesh are partners sharing profits and losses in the ratio of 2 : 1 respectively. They admit Rupesh as partner with 1/4th share in profits with guarantee that his share of profit shall be at least Rs 55,000. The net profit of the firm for the year ending 31st March 2013 was Rs 1,60,000. Prepare Profit and Loss Appropriation Account.

Mukesh and Ramesh are partners sharing profits and losses in the ratio

1.	Mukesh and Ramesh are partners sharing profits and losses in the ratio of 2 : 1 respectively. They admit Rupesh as partner with 1/4th share in profits with guarantee that his share of profit shall be at least Rs 55,000. The net profit of the firm for the year ending 31st March 2013 was Rs 1,60,000. Prepare Profit and Loss Appropriation Account.
Answer» Mukesh and Ramesh are partners sharing profits and losses in the ratio of 2 : 1 respectively. They admit Rupesh as partner with 1/4th share in profits with guarantee that his share of profit shall be at least Rs 55,000. The net profit of the firm for the year ending 31st March 2013 was Rs 1,60,000. Prepare Profit and Loss Appropriation Account.