Gautam, Yashica and Asma entered into a partnership on 1st April, 2022 sharing profits and losses in the ratio of 3:2:1. Gautam and guaranteed that Asma’s share of profit after allowing interest on capital @ 5% p.a. would not be less than ₹ 30,000 p.a. The capitals contributed were Gautam ₹ 3,00,000, Yashica ₹ 2,00,000 and Asma ₹ 1,00,000.
Gautam, Yashica, and Asma entered into a partnership on 1st April 2022 sharing profits and losses in the ratio of 3:2:1. Gautam guaranteed that Asma’s share of profit after allowing interest on capital @ 5% p.a. would not be less than ₹ 30,000 p.a. The capitals contributed were Gautam ₹ 3,00,000, Yashica ₹ 2,00,000, and Asma ₹ 1,00,000.
The profit for the year ended 31st March 2023 was ₹ 1,20,000. The deficiency to be charged to Gautam will be
a) ₹ 10,000
b) ₹ 15,000
c) ₹ 5,000
d) ₹ 20,000
Ans – b)
Explanation:-
Profit after interest = 1,20,000 – 15,000 – 10,000 – 5,000 = ₹ 90,000
Asma’s Share in Profit = 90,000 * 1/6 = ₹ 15,000
Deficiency to be charged from Gautam = Asma Guaranteed Profit – actual profit
Deficiency to be charged from Gautam = 30,000 – 15,000 = ₹ 15,000
