YQ. 40 (A). A, B and C are partners in a firm. Their profit sharing ratio is 3:2:1
However, C is guaranteed a minimum amount of 10,000 as share of profits even year. Any deficiency arising on that account shall be met by A. The profits for the years ending 31st March 2019 and 2020 were *30,000 and 90,000 respective Prepare Profit and Loss Appropriation Account for the two years.
