Question

Kavita and Lalita are partners sharing profits in the ratio of 2:1. They decide to admit Mohan for 1/4th share in future profits with a guaranteed amount of ₹25,000.Both Kavita and Lalita undertake to meet liability arising due to gauranteed amount to Mohan in their respective profit sharing ratio. The firm earned profits of ₹76,000 for the year 2022-23. The deficiency borne by Kavita is

• A. ₹4,000
• B. ₹2,000
• C. ₹6,000
• D. ₹4,500

Answer 1

The Correct Option is B

Kavita and Lalita share profits in the ratio of 2:1, so the guaranteed shortfall is shared in this ratio. Deficiency = ₹25,000 - (Mohan’s 1/4 share of ₹76,000), which Kavita and Lalita share. Kavita bears ₹2,000.
Hence, Option 2.