Distinguish between average profits and super profits. Post category:Accountancy Reading time:1 mins read SOLUTION Average profit is the average of the profits of past few years whereas superprofit is the excess of average profits over normal profits. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostHow does the market situation affect the value of goodwill of a firm? Next PostWhen there is change in the profit-sharing ratio amongst existing partners, does it require adjustment for goodwill? You Might Also Like Name the account which is opened to credit the share of profit of the deceased partner, till the time of his death to his Capital Account. (Delhi 2013) October 8, 2022 Ashmit, Abbas and Karman are partners sharing profits in the ratio of 3: 2: 1. Abbas is guaranteed minimum profit of Rs. 1,50,000 per annum. The firm incurred loss for the year ended 31st March, 2022 of Rs. 30,000. Prepare Profit & Loss Appropriation Account for the year. October 18, 2022 What is meant by ‘Gaining Ratio’ on retirement of a partner? (C.B.S.E. 2019) October 8, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Name the account which is opened to credit the share of profit of the deceased partner, till the time of his death to his Capital Account. (Delhi 2013) October 8, 2022
Ashmit, Abbas and Karman are partners sharing profits in the ratio of 3: 2: 1. Abbas is guaranteed minimum profit of Rs. 1,50,000 per annum. The firm incurred loss for the year ended 31st March, 2022 of Rs. 30,000. Prepare Profit & Loss Appropriation Account for the year. October 18, 2022