Question

Do It Yourself
Kavita and Lalit are partners sharing profits in the ratio of 2:1. They decide to admit
Mohan with share in profits with a guaranteed amount of Rs. 25,000. Both Kavita
and Lalita undertake to meet the liability arising out of Guaranteed amount to
Mohan in their respective profit sharing ratio. The profit sharing ratio between Kavita
and Lalit does not change. The firm earned profits of Rs. 76,000 for the year
2006-07 Show the distribution of profit amongst the partners.​

Answer 1

Answer:

Kavita & Lalita --- 2:1

so before the entry of Mohan theirs profit sharing is :

Kavita - 76000× 2/3 = 50667

Lalita -. 76000×1/3 = 25333

Mohan guaranteed of amount 25000

so all deficiency is taken by Kavita and Lalita in the ratio 2:1

Kavita will give -- 25000 × 2/3 = 16667

Lalita will give -- 25000×1/3 = 8333

finally profit sharing between all patners are:

Kavita =( 50667-16667 ) = 34000

Lalita =( 25333-8333) = 17000

Mohan = 16667+ 8333 = 25000

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