List of top Accountancy Questions on Profit to Partner asked in CBSE CLASS XII

Eklavya, Fateh and Girish entered into a partnership firm on 1st January, 2024 with capitals of \(₹~30,00,000\) each. The partnership deed provided for interest on capital @ 10% per annum. The firm earned a net profit of \(₹~5,25,000\) for the year ended 31st March, 2024. The amount of profit transferred to Eklavya’s capital account was:

Elvis, Finch and Gordon entered into a partnership on 1st July, 2023 with capitals of \(₹~20,00,000\) each. The partnership deed provided for interest on capital @ 10% per annum. The firm earned a net profit of \(₹~13,50,000\) for the year ended 31st March, 2024. The amount of profit transferred to Elvis’s capital account was:

Vidhi, Manas and Ansh were partners sharing profits and losses in the ratio of 2 : 3 : 5. Ansh was given a guarantee that his share of profits in any given year would not be less than ₹ 1,20,000. Deficiency, if any, would be borne by Vidhi and Manas equally. Profits for the year ended 31st March, 2024 amounted to ₹ 2,00,000.
Pass necessary journal entries in the books of the firm for division of profits.