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Shalu, shan and Julie are partners sharing profits in the ratio of 6:4:1 . Julie is guaranteed minimum profit of 20000 . The firm incurred the loss of rupees 220000 for the year ended 31st March 2021 . What amount of deficiency will be bonnie by shaluand and shan?
Most Upvoted Answer
Shalu, shan and Julie are partners sharing profits in the ratio of 6:4...
Solution:
Given:
- Partners: Shalu, Shan, and Julie
- Profit sharing ratio: 6:4:1
- Julie is guaranteed a minimum profit of Rs. 20,000
- Loss incurred for the year ended 31st March 2021: Rs. 2,20,000
To find:
- Deficiency to be borne by Shalu and Shan
Calculation:
Step 1: Calculate Julie's share of profit
- Julie's guaranteed minimum profit = Rs. 20,000
- Remaining loss to be borne by Shalu and Shan = Rs. 2,20,000 - Rs. 20,000 = Rs. 2,00,000
- Julie's share of loss = profit sharing ratio / Total ratio * Remaining loss
- Julie's share of loss = 1 / 11 * Rs. 2,00,000 = Rs. 18,181.82
- Julie's total profit = Rs. 20,000 - Rs. 18,181.82 = Rs. 1,818.18
Step 2: Calculate total profit shared by Shalu and Shan
- Total profit to be shared by Shalu and Shan = Rs. 1,818.18 * 10 = Rs. 18,181.80
Step 3: Calculate profit share of Shalu and Shan
- Shalu's share of profit = profit sharing ratio / Total ratio * Total profit
- Shalu's share of profit = 6 / 11 * Rs. 18,181.80 = Rs. 9,890.90
- Shan's share of profit = profit sharing ratio / Total ratio * Total profit
- Shan's share of profit = 4 / 11 * Rs. 18,181.80 = Rs. 7,272.70
Step 4: Check if any deficiency exists
- Total profit shared by Shalu and Shan = Rs. 9,890.90 + Rs. 7,272.70 = Rs. 17,163.60
- Deficiency = Total loss - Total profit
- Deficiency = Rs. 2,20,000 - Rs. 17,163.60 = Rs. 2,02,836.40
Therefore, the deficiency to be borne by Shalu and Shan is Rs. 2,02,836.40.
Conclusion:
- Shalu and Shan will bear the deficiency of Rs. 2,02,836.40.
- Julie's guaranteed minimum profit of Rs. 20,000 will be deducted from the loss incurred.
- The remaining loss will be shared among the partners according to their profit sharing ratio.
Given:
- Partners: Shalu, Shan, and Julie
- Profit sharing ratio: 6:4:1
- Julie is guaranteed a minimum profit of Rs. 20,000
- Loss incurred for the year ended 31st March 2021: Rs. 2,20,000
To find:
- Deficiency to be borne by Shalu and Shan
Calculation:
Step 1: Calculate Julie's share of profit
- Julie's guaranteed minimum profit = Rs. 20,000
- Remaining loss to be borne by Shalu and Shan = Rs. 2,20,000 - Rs. 20,000 = Rs. 2,00,000
- Julie's share of loss = profit sharing ratio / Total ratio * Remaining loss
- Julie's share of loss = 1 / 11 * Rs. 2,00,000 = Rs. 18,181.82
- Julie's total profit = Rs. 20,000 - Rs. 18,181.82 = Rs. 1,818.18
Step 2: Calculate total profit shared by Shalu and Shan
- Total profit to be shared by Shalu and Shan = Rs. 1,818.18 * 10 = Rs. 18,181.80
Step 3: Calculate profit share of Shalu and Shan
- Shalu's share of profit = profit sharing ratio / Total ratio * Total profit
- Shalu's share of profit = 6 / 11 * Rs. 18,181.80 = Rs. 9,890.90
- Shan's share of profit = profit sharing ratio / Total ratio * Total profit
- Shan's share of profit = 4 / 11 * Rs. 18,181.80 = Rs. 7,272.70
Step 4: Check if any deficiency exists
- Total profit shared by Shalu and Shan = Rs. 9,890.90 + Rs. 7,272.70 = Rs. 17,163.60
- Deficiency = Total loss - Total profit
- Deficiency = Rs. 2,20,000 - Rs. 17,163.60 = Rs. 2,02,836.40
Therefore, the deficiency to be borne by Shalu and Shan is Rs. 2,02,836.40.
Conclusion:
- Shalu and Shan will bear the deficiency of Rs. 2,02,836.40.
- Julie's guaranteed minimum profit of Rs. 20,000 will be deducted from the loss incurred.
- The remaining loss will be shared among the partners according to their profit sharing ratio.
Community Answer
Shalu, shan and Julie are partners sharing profits in the ratio of 6:4...
12,000 by shalu and 8,000 by shan
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Shalu, shan and Julie are partners sharing profits in the ratio of 6:4:1 . Julie is guaranteed minimum profit of 20000 . The firm incurred the loss of rupees 220000 for the year ended 31st March 2021 . What amount of deficiency will be bonnie by shaluand and shan?
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Shalu, shan and Julie are partners sharing profits in the ratio of 6:4:1 . Julie is guaranteed minimum profit of 20000 . The firm incurred the loss of rupees 220000 for the year ended 31st March 2021 . What amount of deficiency will be bonnie by shaluand and shan? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Shalu, shan and Julie are partners sharing profits in the ratio of 6:4:1 . Julie is guaranteed minimum profit of 20000 . The firm incurred the loss of rupees 220000 for the year ended 31st March 2021 . What amount of deficiency will be bonnie by shaluand and shan? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Shalu, shan and Julie are partners sharing profits in the ratio of 6:4:1 . Julie is guaranteed minimum profit of 20000 . The firm incurred the loss of rupees 220000 for the year ended 31st March 2021 . What amount of deficiency will be bonnie by shaluand and shan?.
Shalu, shan and Julie are partners sharing profits in the ratio of 6:4:1 . Julie is guaranteed minimum profit of 20000 . The firm incurred the loss of rupees 220000 for the year ended 31st March 2021 . What amount of deficiency will be bonnie by shaluand and shan? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Shalu, shan and Julie are partners sharing profits in the ratio of 6:4:1 . Julie is guaranteed minimum profit of 20000 . The firm incurred the loss of rupees 220000 for the year ended 31st March 2021 . What amount of deficiency will be bonnie by shaluand and shan? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Shalu, shan and Julie are partners sharing profits in the ratio of 6:4:1 . Julie is guaranteed minimum profit of 20000 . The firm incurred the loss of rupees 220000 for the year ended 31st March 2021 . What amount of deficiency will be bonnie by shaluand and shan?.
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Shalu, shan and Julie are partners sharing profits in the ratio of 6:4:1 . Julie is guaranteed minimum profit of 20000 . The firm incurred the loss of rupees 220000 for the year ended 31st March 2021 . What amount of deficiency will be bonnie by shaluand and shan?, a detailed solution for Shalu, shan and Julie are partners sharing profits in the ratio of 6:4:1 . Julie is guaranteed minimum profit of 20000 . The firm incurred the loss of rupees 220000 for the year ended 31st March 2021 . What amount of deficiency will be bonnie by shaluand and shan? has been provided alongside types of Shalu, shan and Julie are partners sharing profits in the ratio of 6:4:1 . Julie is guaranteed minimum profit of 20000 . The firm incurred the loss of rupees 220000 for the year ended 31st March 2021 . What amount of deficiency will be bonnie by shaluand and shan? theory, EduRev gives you an
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