Guarantee of Profit Questions

Kavita and Lalita are partners, sharing profits in the ratio of $2:1$. They decide to admit Mohan for $1/4\text{th}$ share in future profits with a guaranteed amount of $\text{₹ }25,000$. 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 $\text{₹ }76,000$ for the year 2022–23. The deficiency borne by Kavita is:

In the case of guarantee of profit, the sequence of steps to be followed are:(A) Divide the profit in the given ratio.(B) Prepare profit and loss appropriation account as usual.(C) Deduct the deficiency from the guaranteeing partner and add the same to guaranteed partner.(D) Find the deficiency.Choose the correct answer from the options given below:

X and Y are partners sharing profits in the ratio $3:2$. Z is entered into the business for $\frac{1}{4}\text{th}$ share of profits, with the guarantee of minimum profits of ₹ 30,000. Profit earned by the business for the year ended March 31st, 2024 is ₹ 1,00,000. The amount of deficiency, if any, will be borne by:

Vijay and Manohar share profits and losses in the ratio of $2:1$. They admit Prakash as a partner with $\frac{1}{4}$ share in profits with a guarantee that his share of profit will be at least Rs. $50,000$. The net profit of the firm for the year ending March 31, 2015, was Rs. $1,60,000$. Calculate the amount of profit Vijay will get.

Pinki, Deepti and Kaku are partners sharing profits in the ratio of $5:4:1$. Kaku is given a guarantee that his share of profits in any given year would not be less than $\text{Rs. }5000$. Deficiency, if any, would be borne by Pinki and Deepti equally. Calculate the deficiency assumed by Pinki and Deepti for each case separately if profits for the year were:Case I - $\text{Rs. }40,000$ Case II - $\text{Rs. }60,000$

The minimum guaranteed amount shall be paid to the new partner when his share of profit as per the profit sharing ratio: