Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:

Calculate the deficiency borne by the partner Amrita if the guaranteed profit is ₹10000 to Vivek. The divisible profit of the partnership firm is ₹30000 and the profit-sharing ratio is equal.

Options:

₹10000

₹15000

Zero

₹20000

Correct Answer:

Zero

Explanation:

Divisible profit is ₹30000
Partners share profit equally so Amrita & Vivek each got ₹15000.
As the profit earned is more than the guaranteed profit then there is no deficiency which should be borne by the Amrita.