Question

Mohit and shobhit are partners sharing profits in the ratio of 3:2 . Rohit was admitted for 1/6th share of profit with a minimum guarantee of 10,000. Ath the close of the first financial year , the firm earned a profit of 54,000 find out the share of profit which mohit shobit and rohit will get​

Answer 1

Explanation:

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Answer 2

GIVEN:  Guarantee is given to Rohit for the profit of the firm = 10,000;  Profit of the firm = 54,000
TO FIND: Share of profit of the partners

SOLUTION:

A partnership is the form of business in which two or more people agree to share profit and losses.

Rohit was admitted to the firm for $\frac{1}{6}$ share.

So, now the firm is reconstituted so there will be a new profit sharing ratio.

New profit sharing ratio =

1 - $\frac{1}{6}$

= $\frac{5}{6}$

New Profit sharing ratio of Mohit = $\frac{5}{6}$ × $\frac{3}{5}$

                                                      = $\frac{15}{30}$

New Profit sharing ratio of Shobhit = $\frac{5}{6}$ × $\frac{2}{5}$

                                                          = $\frac{10}{30}$

Rohit share = $\frac{1}{6}$

Now we will equalize the denominator and take an LCM of 30,30,6.

LCM = 30

Rohit share $\frac{5}{30}$

New Profit sharing ratio = 3:2:1.

Firms' profits will be shared in the above ratio.

Mohit's share in profit = 54,000 × $\frac{3}{6}$

                                   = 27,000

Shobhit's share in profit = 54,000 × $\frac{2}{6}$

                                       = 18,000

Rohit's share in profit = 54,000 × $\frac{1}{6}$

                                    = 9,000

There is a deficiency of 1,000 as he was guaranteed a profit of 10,000 and his actual profit is 10,000.

This deficiency will be born by the old partners equally.

26,500 will be the profit given to  Mohit and 17,500 will be the profit given to Sohbhit and 10,000 will be the profit given to Rohit.