Question

In the absense of partnership deed, in which ratio is the deficiency arising out of guarantee of profit to a partner borne by the other partners

Answer 1

Past Adjustments. Accounting for Partnership ... Guarantee by the Firm or by All the Partners of the Firm ... Guarantee by Other Partners but Deficiency is Borne in a Specified Ratio.

Answer 2

Answer:

Guarantee means the surety of a particular amount of profits by one or more partners and in some cases by the firm, where the burden of guarantee is borne by the party providing such a guarantee. In other words, it is a minimum fixed amount for the partner who is given such a guarantee.