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Answer

X, Y, and Z entered into a partnership on 1st October 2022 to share profits in the ratio of 4:3:3. X, personally guaranteed that Z’s share of profit after allowing interest on capital @ 10% p.a. would not be less than ₹ 8,000 in a year.

Solution:- Note:- As partners started business on 1st October, thus interest on capital and guarantee to partners are provided only for six months from 1st October to 31st March.

Anurag Pathak
April 10, 2023

A, B, and C are partners sharing profits in the ratio of 5:4:1. C is given a guarantee that his minimum share of profits in any year would be at least ₹ 50,000. Deficiency, if any, would be borne by A and B equally.

Solution:-

Anurag Pathak
April 10, 2023

Atul, Bipul, and Charu are partners sharing profits equally. Bipul is guaranteed a minimum profit of ₹ 2,00,000 per annum

Solution:-

Anurag Pathak
April 10, 2023

Parul, Prerna, and Kaushal are partners sharing profits equally. Parul is guaranteed a minimum annual profit of ₹ 2,00,000

Solution:-

Anurag Pathak
April 10, 2023

Ashmit, Abbas, and Karman are partners sharing profits in the ratio of 3:2:1. Abbas is guaranteed a minimum profit of ₹ 1,50,000 per annum.

Solution:-

Anurag Pathak
April 10, 2023

P, Q, and R entered into a partnership on 1st April 2018 to share profit and losses in the ratio of 12 : 8 : 5.

Solution:- For the Year 2021 For the Year 2022:- For the Year 2023:-

Anurag Pathak
April 10, 2023

P and Q were partners in a firm sharing profits in the ratio of 5:3. On 1st April 2022 they admitted R as a new partner for 1/8th share in the profits with a guaranteed profit of ₹ 75,000.

Solution:-

Anurag Pathak
April 10, 2023

A and B are in partnership sharing profits and losses in the ratio of 3;2. They admit C, their manager, as a partner with effect from 1st April 2022, for 1/4th share of profits.

Solution:- Working Notes:-

Anurag Pathak
April 9, 2023

Asgar, Chaman, and Dholu are partners in a firm. Their capital Accounts stood at ₹ 6,00,000 and ₹ 5,00,000 and ₹ 4,00,000 respectively on 1st April 2022.

Solution:-

Anurag Pathak
April 9, 2023

Given NDP at FC = 80, indirect tax = 10 and net factor income to abroad = – 10, what is NNP at MP ?

Ans – d) Explanation:- NNP at MP = NDP at FC + Indirect tax – subsidies – Net factor income to abroad NNP at MP = 80 + 10 – 0 – (- 10) NNP at MP = ₹ 100

Anurag Pathak
April 9, 2023