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KEVIN and JOS were partners in a firm sharing profits in a firm sharing profits and losses in the ratio of 3:2. They admit JACK for 1/6 th share in profit and guaranteed that his share of profits will not be less than ` 250,00,000. The profits of the firm for the year ended 31 st March, 2020 were ` 900,00,000. Calculate share of profit for each partners when : a. Guarantee is given by firm b. Guarantee is given by KEVIN c. Guarantee is given by KEVIN and JOS equally.?
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KEVIN and JOS were partners in a firm sharing profits in a firm sharin...
Calculation of Share of Profits for Each Partner


Given:


  • Partners: KEVIN and JOS

  • Profit and Loss Sharing Ratio: 3:2

  • New Partner: JACK (1/6th share in profits)

  • Guaranteed Share of Profits for JACK: not less than `250,00,000

  • Total Profits for the year ended 31st March, 2020: `900,00,000



Calculation of Share of Profits:


A. Guarantee is given by the firm:


  • Total Share of Profits for KEVIN and JOS: 3+2 = 5

  • Share of Profits for KEVIN: (3/5) * `900,00,000 = `540,00,000

  • Share of Profits for JOS: (2/5) * `900,00,000 = `360,00,000

  • Share of Profits for JACK: (1/6) * `900,00,000 = `150,00,000 (minimum guaranteed)

  • Remaining Share of Profits: `900,00,000 - `250,00,000 = `650,00,000

  • Distribution of Remaining Profits: KEVIN - 3/5; JOS - 2/5

  • Share of Profits for KEVIN: 3/5 * `650,00,000 = `390,00,000

  • Share of Profits for JOS: 2/5 * `650,00,000 = `260,00,000



B. Guarantee is given by KEVIN:


  • Share of Profits for KEVIN: `250,00,000

  • Remaining Share of Profits: `900,00,000 - `250,00,000 = `650,00,000

  • Total Share of Profits for KEVIN and JOS: 3+2 = 5

  • Distribution of Remaining Profits: KEVIN - 3/5; JOS - 2/5

  • Share of Profits for KEVIN: 3/5 * `650,00,000 = `390,00,000

  • Share of Profits for JOS: 2/5 * `650,00,000 = `260,00,000

  • Share of Profits for JACK: (1/6) * `260,00,000 = `43,33,333 (minimum guaranteed)



C. Guarantee is given by KEVIN and JOS equally:


  • Total Share of Profits for KEVIN and JOS: 3+2 = 5

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KEVIN and JOS were partners in a firm sharing profits in a firm sharing profits and losses in the ratio of 3:2. They admit JACK for 1/6 th share in profit and guaranteed that his share of profits will not be less than ` 250,00,000. The profits of the firm for the year ended 31 st March, 2020 were ` 900,00,000. Calculate share of profit for each partners when : a. Guarantee is given by firm b. Guarantee is given by KEVIN c. Guarantee is given by KEVIN and JOS equally.?
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KEVIN and JOS were partners in a firm sharing profits in a firm sharing profits and losses in the ratio of 3:2. They admit JACK for 1/6 th share in profit and guaranteed that his share of profits will not be less than ` 250,00,000. The profits of the firm for the year ended 31 st March, 2020 were ` 900,00,000. Calculate share of profit for each partners when : a. Guarantee is given by firm b. Guarantee is given by KEVIN c. Guarantee is given by KEVIN and JOS equally.? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about KEVIN and JOS were partners in a firm sharing profits in a firm sharing profits and losses in the ratio of 3:2. They admit JACK for 1/6 th share in profit and guaranteed that his share of profits will not be less than ` 250,00,000. The profits of the firm for the year ended 31 st March, 2020 were ` 900,00,000. Calculate share of profit for each partners when : a. Guarantee is given by firm b. Guarantee is given by KEVIN c. Guarantee is given by KEVIN and JOS equally.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for KEVIN and JOS were partners in a firm sharing profits in a firm sharing profits and losses in the ratio of 3:2. They admit JACK for 1/6 th share in profit and guaranteed that his share of profits will not be less than ` 250,00,000. The profits of the firm for the year ended 31 st March, 2020 were ` 900,00,000. Calculate share of profit for each partners when : a. Guarantee is given by firm b. Guarantee is given by KEVIN c. Guarantee is given by KEVIN and JOS equally.?.
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Here you can find the meaning of KEVIN and JOS were partners in a firm sharing profits in a firm sharing profits and losses in the ratio of 3:2. They admit JACK for 1/6 th share in profit and guaranteed that his share of profits will not be less than ` 250,00,000. The profits of the firm for the year ended 31 st March, 2020 were ` 900,00,000. Calculate share of profit for each partners when : a. Guarantee is given by firm b. Guarantee is given by KEVIN c. Guarantee is given by KEVIN and JOS equally.? defined & explained in the simplest way possible. Besides giving the explanation of KEVIN and JOS were partners in a firm sharing profits in a firm sharing profits and losses in the ratio of 3:2. They admit JACK for 1/6 th share in profit and guaranteed that his share of profits will not be less than ` 250,00,000. The profits of the firm for the year ended 31 st March, 2020 were ` 900,00,000. Calculate share of profit for each partners when : a. Guarantee is given by firm b. Guarantee is given by KEVIN c. Guarantee is given by KEVIN and JOS equally.?, a detailed solution for KEVIN and JOS were partners in a firm sharing profits in a firm sharing profits and losses in the ratio of 3:2. They admit JACK for 1/6 th share in profit and guaranteed that his share of profits will not be less than ` 250,00,000. The profits of the firm for the year ended 31 st March, 2020 were ` 900,00,000. Calculate share of profit for each partners when : a. Guarantee is given by firm b. Guarantee is given by KEVIN c. Guarantee is given by KEVIN and JOS equally.? has been provided alongside types of KEVIN and JOS were partners in a firm sharing profits in a firm sharing profits and losses in the ratio of 3:2. They admit JACK for 1/6 th share in profit and guaranteed that his share of profits will not be less than ` 250,00,000. The profits of the firm for the year ended 31 st March, 2020 were ` 900,00,000. Calculate share of profit for each partners when : a. Guarantee is given by firm b. Guarantee is given by KEVIN c. Guarantee is given by KEVIN and JOS equally.? theory, EduRev gives you an ample number of questions to practice KEVIN and JOS were partners in a firm sharing profits in a firm sharing profits and losses in the ratio of 3:2. They admit JACK for 1/6 th share in profit and guaranteed that his share of profits will not be less than ` 250,00,000. The profits of the firm for the year ended 31 st March, 2020 were ` 900,00,000. Calculate share of profit for each partners when : a. Guarantee is given by firm b. Guarantee is given by KEVIN c. Guarantee is given by KEVIN and JOS equally.? tests, examples and also practice CA Foundation tests.
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