|Accounting for Partnership : Basic Concepts (Accountancy)||Close X|
X, Y and Z are in Partnership, sharing profits and losses in the ratio of 3 : 2 : 1, respectively. Z’s share in the profit is guaranteed by X and Y to be a minimum of Rs 8,000. The net profit for the year ended March 31, 2006 was Rs 30,000. Prepare Profit and Loss Appropriation Account, indicating the amount finally due to each partner.