A and B share profits and losses in the ratio of 2: 1. They admit C as partner with 1th share in 4
profits with a guarantee that his share of profit shall be at least 50,000. The net profit of the firm for the year ending March 31st, 2022 was 2,40,000, Determine C's share in profits.
(1) 50,000
(2) 60,000
(3) 40,000
(4) 30,000
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Shift 01/06/2023 8:30 AM - 11:30 AM
A
They admit C as partner with 1th share in 4profits with a guarantee that his share of profit shall be at least 50,000. The net profit of the firm for the year ending March 31st, 2022 was 2,40,000, Determine C's share in profits.(1) 50,000
B
60,000
C
40,000
D
30,000
Correct Answer
60,000
Detailed Explanation
Let's break down the information provided:
- A and B share profits and losses in the ratio of 2:1.
- C is admitted with a 1/4th share in profits.
- C's share of profit is guaranteed to be at least 50,000.
First, let's find the total guaranteed profit for C:
Total Guaranteed Profit for C=1/4×Net ProfitTotal Guaranteed Profit for C=41×Net Profit
Total Guaranteed Profit for C=1/4×2,40,000=60,000
Total Guaranteed Profit for=60,000
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