Question

Ayush, Chaman, and Govind were partners since 1st April 2017 and were sharing profits in a 3 : 2 : 1. However, they did not prepare a partnership deed. You are required to answer the following question for the year ending 31st March, 2024:

All partners agreed that Govind is to be given a minimum profit of ₹ 70,000 each year. Any deficiency is to be borne by Ayush and Chaman in the ratio of 2 : 3. Losses for the year ending 31st March, 2024, were ₹ 1,20,000. Deficiency borne by Ayush will be:

Options

• ₹ 36,000

• ₹ 54,000

• ₹ 28,000

• ₹ 8,000

Answer 1

₹ 36,000

Explanation:

Date	Particulars	L.F.	Dr. Amount	Cr. Amount
1.	Ayush’s Capital A/c    ...Dr.		60,000	-
	Chaman’s Capital A/c    ...Dr.		40,000	-
	Govind’s Capital A/c    ...Dr.		20,000	-
	To Profit and Loss A/c		-	1,20,000
	(Being a net loss for the year distributed among the partners in the ratio of 3 : 2 : 1.)
2.	Ayush’s Capital A/c    ...Dr.		36,000	-
	Chaman’s Capital A/c    ...Dr.		54,000	-
	To Govind’s Capital A/c		-	90,000
	(Being deficient in Govind’s guaranteed profit of ₹ 70,000 compensated by Ayush and Chaman in the ratio of 2 : 3.)