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12th Class Accountancy Fundamentals of Partnership Question Bank MCQs - Accounting for Partnership Firm : Fundamental

  • question_answer
    ‘A’ has given guarantee to ‘C for minimum Rs.10,000 profit At year end, the firm suffered loss and C’s share in the loss was Rs.2,000. Calculate amount of deficiency to be borne by’

    A) Rs.2,000              

    B) Rs.10,000

    C) Rs.12,000             

    D) None of these

    Correct Answer: C

    Solution :

    [c] Rs.12,000
    Hint: Amount of Deficiency to be borne by ‘A’
    = Guaranteed Amount + Actual Share of Loss
    =10,000+2,000= Rs.12,000
     


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