Question

Mohit, Shobhit and Rohit are partners sharing profits and losses in the ratio 2 : 1 : 1. Rohit is guaranteed a profit of ₹ 14,000. The firm incurred a profit of ₹ 20,000 during the year. Calculate the amount of deficiency borne by Mohit and Shobhit.

Answer 1

Deficiency of ₹ 9,000 borne by Mohit and Shobhit

Mohit will borne = ₹ `9,000 xx 2/3` = ₹ 6,000

Shobhit will borne = ₹ `9,000 xx 1/3` = ₹ 3,000

Working Note:

Rohit’s Share in Profit = ₹ `20,000 xx1/4` = ₹ 5,000

Guarantee Amount = ₹ 14,000

So, amount to be sacrificed by Mohit and Shobhit = 14,000 – 5,000

= ₹ 9,000