Question

X,Y and Z are the partners in a firm . their profit sharing ratio is 5:3:2. Z is guaranteed a minimum profit of Rs. 10,000 every year. Any deficiency arising is to be met by Y. Profit for the two years ended 31st March, 2019 and 2020 were Rs. 40,000 and 60,000 respectively. What amount of profit each partner will get in both the years.

Answer 1

Answer:

X= 40000x5/10 = 20000

Y= 40000x3/10 = 12000-2000(deficiency)= 10000

Z= 40000x2/10 =. 8000+2000(deficiancy) = 10000