Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Accounting for Partnership

Question:

Pinki, Deepti and Kaku are partner's sharing profits in the ratio of 5:4:1. Kaku is given a guarantee that his share of profits in any given year would not be less than Rs 5000. Deficiency, if any, would be borne by Pinki and Deepu equally. Calculate the deficiency assumed by Pinki and Deepti for each case separately if profits for the year were:-

Case I - Rs 40,000

or

Case II - Rs 60,000

Options:

Case I - Rs 500 each by Pinki and Deepti

Case II - RS 0 each by Pinki and Deepti

Case I - RS 0 each by Pinki and Deepti

Case II - Rs 500 each by Pinki and Deepti

Case I - Rs 1000 each by Pinki and Deepti

Case II - Rs 500 each by Pinki and Deepti

Case I - Rs 500 each by Pinki and Deepti

Case II - Rs 100 each by Pinki and Deepti

Correct Answer:

Case I - Rs 500 each by Pinki and Deepti

Case II - RS 0 each by Pinki and Deepti

Explanation:

The correct answer is Option (1) → 

Case I - Rs 500 each by Pinki and Deepti
Case II - RS 0 each by Pinki and Deepti