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12th Class Accountancy Fundamentals of Partnership Question Bank MCQs - Accounting for Partnership Firm : Fundamental

  • question_answer
    There are two partners in a firm A and B, C is admitted into the firm for 1/3rd share of profit with the guaranteed profit of Rs.1,800 p.a. The firm’s total profit is Rs.4,200. If A stood as guarantor of guaranteed profit to C, how much profit would be given to A?

    A) Rs.2,000                       

    B) Rs.1,500    

    C) Rs.1,000                       

    D) Rs.1,800

    Correct Answer: C

    Solution :

    [c] Rs.1,000
    Hint: C’s share in profit \[\left( 4,200\times \frac{1}{3} \right)\] = Rs.1,400
    Deficiency (1,800 - 1,400) Rs.400 will be borne by A,
    A’s Share in Profit (4,200 -1,400) \[\times \frac{1}{2}\]    = 1,400
    (-) Guarantee to C                                     =  (400)
    A’s Share in Profit                                       = 1,000
     


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