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Three Chartered Accountants A, B and C form a partnership, profits being shared in the ratio of 3 : 2 : 1 subject to the following:
a C's share of profit guaranteed to be not less than 15,000 p.a.
b B 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 preceeding five years when he was carrying on profession alone, which on an average works out at 25,000.
The profit for the first year of the partnership are 75,000. The gross fee earned by B 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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