English

In case of guarantee of minimum profit to a partner, deficiency of guaranteed partner is shared by remaining partners in ______.

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Question

In case of guarantee of minimum profit to a partner, deficiency of guaranteed partner is shared by remaining partners in ______.

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Solution

In case of guarantee of minimum profit to a partner, deficiency of guaranteed partner is shared by remaining partners in agreed ratio/profit sharing ratio.

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Chapter 1: Accounting for Partnership Firms - Fundamentals - OBJECTIVE TYPE QUESTIONS [Page 1.143]

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D. K. Goel Accountancy Part A Volume 1 and 2 [English] Class 12
Chapter 1 Accounting for Partnership Firms - Fundamentals
OBJECTIVE TYPE QUESTIONS | Q (C) 10. | Page 1.143
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