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Class 12AccountancyPartnership Accounts - Basic ConceptsProfit DistributionHardLevel 9

A B C share profit in ratio two to five to three. A is guaranteed minimum fifty thousand rupees. Total profit is two lakh rupees. Deficiency is borne by B and C in their ratio. What is the correct deduction from C?

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Answer and explanation

Correct answer: Three thousand seven hundred fifty rupees

A actual share is forty thousand and deficiency is ten thousand. B and C bear it in five to three so C share is three eighths or three thousand seven hundred fifty.

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guaranteedeficiencycorrected numerical

Frequently asked questions

What is the correct answer to this question?

Three thousand seven hundred fifty rupees

Why is this the correct answer?

A actual share is forty thousand and deficiency is ten thousand. B and C bear it in five to three so C share is three eighths or three thousand seven hundred fifty.

Which subject and chapter does this question cover?

This is a Class 12 Accountancy question. Chapter: Partnership Accounts - Basic Concepts. Topic: Profit Distribution.

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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. 8What is the main basis of profit distribution in partnership?
  9. 9If the partnership deed does not provide profit sharing ratio how will profit be distributed?
  10. 10In which account is the salary paid to partners shown before the distribution of profits?
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