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Class 12AccountancyPartnership Accounts - Basic ConceptsProfit DistributionMedium
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A and B share profits equally. B is guaranteed a minimum profit of Rs 35,000 and the total profit is Rs 60,000. What is B's deficiency?

Answer and explanation

Correct answer: Rs 5000

Total profit is Rs 60,000 and A and B share equally, so B's normal share = 60,000 ÷ 2 = Rs 30,000. Since the guaranteed amount is Rs 35,000, deficiency = 35,000 − 30,000 = Rs 5,000. Why others are wrong: option B is B's normal share, option C is the guarantee itself, and option D would be correct only if the normal share were at least the guarantee. Exam tip: always compute the normal share from profit ratios first; deficiency = max(0, guarantee − normal share).

Related tags

Minimum GuaranteeProfit SharingPartnership AccountsDeficiencyNumericalProfit DistributionPartnership Accounts Basic ConceptsAccountancy
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10 more MCQs
  1. 1If the partnership deed says profit will first be transferred to reserve, what type of adjustment is this?
  2. 2A is guaranteed a minimum profit of rupees twenty thousand. His actual share of profit is rupees seventeen thousand. What is the deficiency?
  3. 3If the deed requires fixed capitals in which account will appropriations like salary and interest be recorded?
  4. 4The deed says interest on drawings is credited to the Profit and Loss Appropriation Account. Why is it credited?
  5. 5The deed provides a monthly salary of Rs 6,000 to partner A and equal profit sharing. Where will the annual salary appear?
  6. 6If the deed says profit will first be transferred to reserve and then shared among partners, what is the first step?
  7. 7If the deed allows A a twenty percent commission on profit before distributing the remaining profit, what is the nature of this item?
  8. 8The deed gives B a firm guarantee of minimum profit of Rs 15,000. Total profit is Rs 60,000 and B’s normal share is Rs 12,000. By how much will profit available to other partners reduce?
  9. 9What is the main basis of profit distribution in partnership?
  10. 10If the partnership deed does not provide profit sharing ratio how will profit be distributed?
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