Read the following passage and answer the following question.

Arun, Varun and Tarun are partners in a firm. Their Capital Accounts stood at ₹8,00,000, ₹6,00,000 and ₹4,00,000 respectively on 1st April,2021. They shared profits and losses in the ratio of 3:2:1 respectively. Partners are entitled to interest on capital @ 6% per annum and salary to Varun and Tarun @ ₹4,000 per month and ₹6,000 per quarter respectively as per the provisions of the Partnership Deed. Varun's share of profit including interest on capital but excluding salary is guaranteed at a minimum of 80,000 p.a. Any deficiency arising on that account shall be met by Tarun. Profit for the year ended 31st March 2022 amounted to 2,70,000.

How much profit will Varun get from the partnership firm?

₹80,000

The correct answer is option 1- 80,000.

Profit of the firm = ₹2,70,000

* Salary = Varun + Tarun
              = 48,000 + 24,000
              = ₹72,000

* Interest on capital = (₹8,00,000 + ₹6,00,000 + ₹4,00,000 ) x 6/100
                                 = 18,00,000 x 6/100
                                 = 1,08,000

Profit left after salary and interest on capital = 2,70,000 - 1,08,000 -72,000
                                                                       = 90,000

Profit sharing ratio is 3:2:1
Varun share is 2/6
Varun profit is = 90,000 x 2/6
                     = 90,000/3
                     = ₹30,000

But Varun is guaranteed profit of ₹80,000 which should include share of profit + interest on capital. So, he will get ₹80,000.