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hardMCQCUET UG 2024 Accountancy Question Paper (17-May-2024) (Shift 3)2026Accountancy
1 mark

Kavita and Lalita are partners, sharing profits in the ratio of . They decide to admit Mohan for share in future profits with a guaranteed amount of . Both Kavita and Lalita undertake to meet the liability arising due to the guaranteed amount to Mohan in their respective profit-sharing ratio. The firm earned profits of for the year 2022–23. The deficiency borne by Kavita is:

  1. A
  2. B
  3. C
  4. D

Solution & Step-by-step Explanation

Step-by-step breakdown:Calculate Mohan's raw calculated share of profit:


Determine the total shortfall/deficiency:


Distribute deficiency between existing partners:Kavita and Lalita bear this in their profit-sharing ratio of .

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Kavita and Lalita are partners, sharing profits in the ratio of . They decide to admit Mohan for share in future profits with a guaranteed amount of . Both Kavita and Lalita undertake to meet the liability arising due to the guaranteed amount to Mohan in their respective profit-sharing ratio. The firm earned profits of for the year 2022–23. The deficiency borne by Kavita is:
A
B
C
D

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