Question

Ekta, Faguni and Garima were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 1. Faguni was guaranteed ₹ 25,000 as her share of profit in the firm. Any deficiency arising on that account was to be met by Ekta. The firm earned a profit of ₹ 90,000 for the year ended 31^st March, 2024.

The profit credited to Faguni’s capital account was:

Options

• ₹ 30,000

• ₹ 40,000

• ₹ 25,000

• ₹ 10,000

Answer 1

₹ 30,000

Explanation:

Faguni’s share in profits = 90,000 × `3/9`

= ₹ 30,000

Faguni’s actual share in profit i.e. ₹ 30,000 is greater than guaranteed amount i.e. ₹ 25,000 hence Faguni will be credited with ₹ 30,000.