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Asked by Bala Last Modified
Answer 
The partners Pink, Black & White are sharing profits in the ratio 5:3:2. Given profits for the year ending 31st March 2005 are Rs 60,000. As there is no loss so no deficiency will be met by Black. And White enjoys a minimum guarantee of Rs 10,000. If we distribute the profits to the partners it will be like this.
Pink 60,000/10*5= 30,000
Black 60,000/10*3= 18,000
White 60,000/10*2=. 12,000
The clause of minimum guarantee won't be exercised because as per PSR White is Rs 12,000.
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