"Sometimes a partner is admitted into the firm with a guarantee of a certain minimum amount by way of their share in the profits of the firm." Identify which of the following is incorrect about such assurance.

Match List - I with List - II.

Choose the correct answer from the options given below :

L and M are partners sharing profits in the ratio 3:2. N is admitted as a partner for 1/5th of the share which is acquired from L. Goodwill of the firm is valued at Rs. 40,000 on N's admission. N will have to pay for Goodwill:

Arrange the following steps in the correct sequence after admission of a new partner:

(A) Revaluation of Assets and Liabilities

(B) Calculation of New Profit Sharing Ratio and Sacrificing Ratio

(C) Preparation of Balance Sheet

(D) Distribution of Accumulated Profits and Reserves in the capital accounts

Mohit and Rohan share profits and losses in the ratio of 3:1. They admit Rahul and Meena as partners with 1/4 share each in the profits with a guarantee that Rahul's share of profit shall be at least Rs. 60,000. Any deficiency in the share will be borne by Mohit and Rohan in their profit sharing ratio. The net profit of the firm for the year ending March 31, 2025 was Rs. 2,00,000. Find the share in deficiency borne by Mohit.

Das and Sinha are partners in a firm sharing profits in 4:1 ratio. They admitted Pal as a new partner for 1/4th share in the profits, which he acquired wholly from Das. The new profit sharing ratio of the partners is-

Vijay and Manohar share profits and losses in the ratio of 2:1. They admit Prakash as a partner with 1/4 share in profits with a guarantee that his share of profit will be at least Rs. 50,000. The net profit of the firm for the year ending March 31, 2015, was Rs. 1,60,000. Calculate the amount of profit Vijay will get.