Vijay and Manohar share profits and losses in the ratio of 2:1. They admit Prakash as a partner with 1/4 share in profits with a guarantee that his share of profit will be at least Rs. 50,000. The net profit of the firm for the year ending March 31, 2015, was Rs. 1,60,000. Calculate the amount of profit Vijay will get:
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → Rs. 73,333
Prakash gets 1/4 of the profit, but not less than Rs. 50,000. Any shortfall is made good by Vijay and Manohar in their old ratio 2:1, since nothing else is agreed.
New ratio: Vijay 3/4 × 2/3 = 2/4, Manohar 3/4 × 1/3 = 1/4, Prakash 1/4, i.e. 2:1:1
Shares of Rs. 1,60,000: Vijay Rs. 80,000; Manohar Rs. 40,000; Prakash Rs. 40,000
Deficiency of Prakash = 50,000 − 40,000 = Rs. 10,000
Vijay bears 10,000 × 2/3 = Rs. 6,667; Manohar bears Rs. 3,333
Vijay gets 80,000 − 6,667 = Rs. 73,333
Rs. 80,333 adds Vijay's share of the deficiency instead of deducting it.
NCERT (2026-27 edition):
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