Three Chartered Accountants Abhijit, Baljit and Charanjit form apartnership, profits being shared in the ratio of 3:2:1 subject to the following:(a) Charanjit's share of profit guaranteed to be not less than 15,000 p.a.(b) Baljit gives a guarantee to the effect that gross fee earned by him for the firm shall be equal to his average gross fee of the preceding five years when he was carrying on profession alone, which on anaverage works out at 25,000.The profit for the first year of the partnership is 75,000. The gross fee earned by Baljit for the firm is 16,000. You are required to show Profit and Loss Appropriation Account after giving effect to the above.

Three Chartered Accountants Abhijit, Baljit and Charanjit form apartne

1.	Three Chartered Accountants Abhijit, Baljit and Charanjit form apartnership, profits being shared in the ratio of 3:2:1 subject to the following:(a) Charanjit's share of profit guaranteed to be not less than 15,000 p.a.(b) Baljit gives a guarantee to the effect that gross fee earned by him for the firm shall be equal to his average gross fee of the preceding five years when he was carrying on profession alone, which on anaverage works out at 25,000.The profit for the first year of the partnership is 75,000. The gross fee earned by Baljit for the firm is 16,000. You are required to show Profit and Loss Appropriation Account after giving effect to the above.
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