1 Guaranteed Fee questions from CUET Accountancy 2025 15 May Shift 1 with detailed answers and explanations. Free previous year questions and MCQs.
📚
1
Questions
🟢
1
Easy
🟡
0
Medium
🔴
0
Hard
Years:2026 (1)
Guaranteed Fee — CUET Accountancy 2025 15 May Shift 1(1–1 of 1)
Filter:
Q1easymcqCUET AccountancyCUET Accountancy 2025 15 May Shift 12026
A, V and T were partners of a law firm sharing profits in the ratio of 5:3:2. Their partnership deed provided the following:(i) Interest on partners’ capital @ 5% p.a.(ii) A guaranteed that he would earn a minimum annual fee of Rs. 6,00,000 for the firm.(iii) T was guaranteed a profit of Rs. 2,50,000 (excluding interest on capital) and any deficiency on account of this was to be borne by A and V in the ratio of 2:3.During the year ending March 31, 2019, A earned a fee of Rs. 3,20,000 and net profits earned by the firm were Rs. 8,60,000. Partner’s capital on April 01, 2018 were A - Rs. 3,00,000; V - Rs. 3,00,000 and T - Rs. 2,00,000.What is the amount of A's deficiency of annual fee?