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
Held on 30 May 2025 · Verified 13 Jul 2026.
Case I - Rs 500 each by Pinki and Deepti
Case II - Rs 0 each by Pinki and Deepti
Case I - Rs 0 each by Pinki and Deepti
Case II - Rs 500 each by Pinki and Deepti
Case I - Rs 1000 each by Pinki and Deepti
Case II - Rs 500 each by Pinki and Deepti
Case I - Rs 500 each by Pinki and Deepti
Case II - Rs 100 each by Pinki and Deepti
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An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
As per AS-26 Intangible assets like goodwill should be written off.
Identify the correct statement from the given below :-
By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.
Work through every CUET UG Partnership PYQ, year by year.