12th Class
Accountancy
Fundamentals of Partnership
Question Bank
MCQs - Accounting for Partnership Firm - Fundamentals
question_answer
X, Y and Z are partners sharing profits in the ratio of 3:2:1. X has given guarantee to Z for a minimum share of profit for the year. After meeting Z's deficiency of Rs.40,000, X gets his share of final net profit Rs.1,10,000. What was the guaranteed amount of Z ?