Pinki, Deepti and Kaku are partner's sharing profits in the ratio of 5:4:1. Kaku is given a guarantee that his share of profits in any given year would not be less than Rs 5000. Deficiency, if any, would be borne by Pinki and Deepu equally. Calculate the deficiency assumed by Pinki and Deepti for each case separately if profits for the year were:-
Case I - Rs 40,000
or
Case II - Rs 60,000
Pinki, Deepti and Kaku are partner's sharing profits in the ratio of 5:4:1. Kaku is given a guarantee that his share of profits in any given year would not be less than Rs 5000. Deficiency, if any, would be borne by Pinki and Deepu equally. Calculate the deficiency assumed by Pinki and Deepti for each case separately if profits for the year were:-
Case I - Rs 40,000
or
Case II - Rs 60,000
Solution
The profit sharing ratio is Pinki : Deepti : Kaku = 5:4:1 (Total = 10 parts)
Kaku is guaranteed a minimum of Rs 5,000. If his share falls short, the deficiency is shared equally by Pinki and Deepti.
Case I: Profit = Rs 40,000
Kaku's normal share = = Rs 4,000
Since Kaku's normal share (Rs 4,000) < Guaranteed amount (Rs 5,000)
Deficiency = Rs 5,000 - Rs 4,000 = Rs 1,000
This deficiency is borne equally by Pinki and Deepti:
- Pinki's share of deficiency = = Rs 500
- Deepti's share of deficiency = = Rs 500
Final distribution:
- Pinki: Rs 20,000 - Rs 500 = Rs 19,500
- Deepti: Rs 16,000 - Rs 500 = Rs 15,500
- Kaku: Rs 4,000 + Rs 1,000 = Rs 5,000
Case II: Profit = Rs 60,000
Kaku's normal share = = Rs 6,000
Since Kaku's normal share (Rs 6,000) > Guaranteed amount (Rs 5,000)
No deficiency arises. Kaku receives his normal share.
- Pinki's share of deficiency = Rs 0
- Deepti's share of deficiency = Rs 0
Option 1 is correct.
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