Arif, Ravi and Ben are partners in a firm sharing profits and losses in the ratio of 6:4:1. Arif guaranteed minimum profit of ₹ 16,000 to Ben. The trading profit of the firm for the year ending 31st March, 2021, was ₹ 1,32,000.
Arif, Ravi, and Ben are partners in a firm sharing profits and losses in the ratio of 6:4:1. Arif guaranteed a minimum profit of ₹ 16,000 to Ben. The trading profit of the firm for the year ending 31st March 2021, was ₹ 1,32,000.
Arif’s share in the profits of the firm will be
a) ₹ 72,000
b) ₹ 68,000
c) ₹ 69,600
d) ₹ 16,000
Anurag Pathak Changed status to publish April 9, 2023
Ans – b)
Explanation:-
Ben share in profit = 1,32,000 * 1/11 = ₹ 12,000
Deficiency in Share of Ben = Minimum guarantee – share in profit
Deficiency in share of Ben = 16,000 – 12,000 = ₹ 4,000
Arif’s Share in Profit = 1,32,000 * 6/11 = ₹ 72,000
Arif’s Share in Profit after bearing Ben’s deficiency
72,000 – 4,000 = ₹ 68,000
Anurag Pathak Changed status to publish April 5, 2023
