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Romi and jony are partners in a firm with profit sharing ratio 3:2 .romi hai given a guarantee to jony that his share of profit would not be less than RS. 25000in any year . On 1_10_2021 jony gave a loan of rs. 40000 to the firm m at the end of the year 31st march . 2022 the firm earned na profit od rs. 60000 .the amount of deficiency to be borne by romi is?
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Romi and jony are partners in a firm with profit sharing ratio 3:2 .ro...
Profit Sharing Ratio:
Romi and Jony are partners in a firm with a profit sharing ratio of 3:2. This means that Romi is entitled to 3 parts of the profit while Jony is entitled to 2 parts.
Romi's Guarantee:
Romi has given a guarantee to Jony that his share of profit would not be less than Rs. 25000 in any year. This means that even if Jony's share of profit falls below Rs. 25000, Romi will ensure that he receives at least that amount.
Jony's Loan:
On 1st October 2021, Jony gave a loan of Rs. 40000 to the firm. This loan is considered as a liability for the firm and will be repaid to Jony at the end of the year, i.e., on 31st March 2022.
Firm's Profit:
At the end of the year, the firm earned a profit of Rs. 60000.
Calculation of Profit:
To calculate the profit for each partner, we need to divide the profit in the profit sharing ratio of 3:2.
Romi's Share:
Romi's share of profit = (3/5) * Rs. 60000 = Rs. 36000
Jony's Share:
Jony's share of profit = (2/5) * Rs. 60000 = Rs. 24000
Deficiency Calculation:
To determine the deficiency, we need to compare Jony's share of profit with the guaranteed amount of Rs. 25000.
Deficiency = Guaranteed amount - Jony's share of profit
Deficiency = Rs. 25000 - Rs. 24000
Deficiency = Rs. 1000
Romi's Responsibility:
As per the guarantee given by Romi, he is responsible for any deficiency in Jony's share of profit. In this case, the deficiency is Rs. 1000. Therefore, Romi needs to bear this deficiency amount.
Conclusion:
In conclusion, Romi and Jony are partners in a firm with a profit sharing ratio of 3:2. Romi has given a guarantee to Jony that his share of profit would not be less than Rs. 25000. However, at the end of the year, Jony's share of profit was Rs. 24000, resulting in a deficiency of Rs. 1000. Romi is responsible for bearing this deficiency amount.
Romi and Jony are partners in a firm with a profit sharing ratio of 3:2. This means that Romi is entitled to 3 parts of the profit while Jony is entitled to 2 parts.
Romi's Guarantee:
Romi has given a guarantee to Jony that his share of profit would not be less than Rs. 25000 in any year. This means that even if Jony's share of profit falls below Rs. 25000, Romi will ensure that he receives at least that amount.
Jony's Loan:
On 1st October 2021, Jony gave a loan of Rs. 40000 to the firm. This loan is considered as a liability for the firm and will be repaid to Jony at the end of the year, i.e., on 31st March 2022.
Firm's Profit:
At the end of the year, the firm earned a profit of Rs. 60000.
Calculation of Profit:
To calculate the profit for each partner, we need to divide the profit in the profit sharing ratio of 3:2.
Romi's Share:
Romi's share of profit = (3/5) * Rs. 60000 = Rs. 36000
Jony's Share:
Jony's share of profit = (2/5) * Rs. 60000 = Rs. 24000
Deficiency Calculation:
To determine the deficiency, we need to compare Jony's share of profit with the guaranteed amount of Rs. 25000.
Deficiency = Guaranteed amount - Jony's share of profit
Deficiency = Rs. 25000 - Rs. 24000
Deficiency = Rs. 1000
Romi's Responsibility:
As per the guarantee given by Romi, he is responsible for any deficiency in Jony's share of profit. In this case, the deficiency is Rs. 1000. Therefore, Romi needs to bear this deficiency amount.
Conclusion:
In conclusion, Romi and Jony are partners in a firm with a profit sharing ratio of 3:2. Romi has given a guarantee to Jony that his share of profit would not be less than Rs. 25000. However, at the end of the year, Jony's share of profit was Rs. 24000, resulting in a deficiency of Rs. 1000. Romi is responsible for bearing this deficiency amount.
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Romi and jony are partners in a firm with profit sharing ratio 3:2 .romi hai given a guarantee to jony that his share of profit would not be less than RS. 25000in any year . On 1_10_2021 jony gave a loan of rs. 40000 to the firm m at the end of the year 31st march . 2022 the firm earned na profit od rs. 60000 .the amount of deficiency to be borne by romi is?
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Romi and jony are partners in a firm with profit sharing ratio 3:2 .romi hai given a guarantee to jony that his share of profit would not be less than RS. 25000in any year . On 1_10_2021 jony gave a loan of rs. 40000 to the firm m at the end of the year 31st march . 2022 the firm earned na profit od rs. 60000 .the amount of deficiency to be borne by romi is? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Romi and jony are partners in a firm with profit sharing ratio 3:2 .romi hai given a guarantee to jony that his share of profit would not be less than RS. 25000in any year . On 1_10_2021 jony gave a loan of rs. 40000 to the firm m at the end of the year 31st march . 2022 the firm earned na profit od rs. 60000 .the amount of deficiency to be borne by romi is? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Romi and jony are partners in a firm with profit sharing ratio 3:2 .romi hai given a guarantee to jony that his share of profit would not be less than RS. 25000in any year . On 1_10_2021 jony gave a loan of rs. 40000 to the firm m at the end of the year 31st march . 2022 the firm earned na profit od rs. 60000 .the amount of deficiency to be borne by romi is?.
Romi and jony are partners in a firm with profit sharing ratio 3:2 .romi hai given a guarantee to jony that his share of profit would not be less than RS. 25000in any year . On 1_10_2021 jony gave a loan of rs. 40000 to the firm m at the end of the year 31st march . 2022 the firm earned na profit od rs. 60000 .the amount of deficiency to be borne by romi is? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Romi and jony are partners in a firm with profit sharing ratio 3:2 .romi hai given a guarantee to jony that his share of profit would not be less than RS. 25000in any year . On 1_10_2021 jony gave a loan of rs. 40000 to the firm m at the end of the year 31st march . 2022 the firm earned na profit od rs. 60000 .the amount of deficiency to be borne by romi is? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Romi and jony are partners in a firm with profit sharing ratio 3:2 .romi hai given a guarantee to jony that his share of profit would not be less than RS. 25000in any year . On 1_10_2021 jony gave a loan of rs. 40000 to the firm m at the end of the year 31st march . 2022 the firm earned na profit od rs. 60000 .the amount of deficiency to be borne by romi is?.
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Romi and jony are partners in a firm with profit sharing ratio 3:2 .romi hai given a guarantee to jony that his share of profit would not be less than RS. 25000in any year . On 1_10_2021 jony gave a loan of rs. 40000 to the firm m at the end of the year 31st march . 2022 the firm earned na profit od rs. 60000 .the amount of deficiency to be borne by romi is?, a detailed solution for Romi and jony are partners in a firm with profit sharing ratio 3:2 .romi hai given a guarantee to jony that his share of profit would not be less than RS. 25000in any year . On 1_10_2021 jony gave a loan of rs. 40000 to the firm m at the end of the year 31st march . 2022 the firm earned na profit od rs. 60000 .the amount of deficiency to be borne by romi is? has been provided alongside types of Romi and jony are partners in a firm with profit sharing ratio 3:2 .romi hai given a guarantee to jony that his share of profit would not be less than RS. 25000in any year . On 1_10_2021 jony gave a loan of rs. 40000 to the firm m at the end of the year 31st march . 2022 the firm earned na profit od rs. 60000 .the amount of deficiency to be borne by romi is? theory, EduRev gives you an
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