Question

a) Pawan and Sumit are partners sharing profits in the ratio of 5 : 3. On 1st April 2019 they admitted Raman as a partner for 1/8th share with a guaranteed profit of
Rs 75,000. The old partners decided to share the future profits in their original ratio, but any deficiency in the guaranteed profit to Raman to be borne in 3 : 2 ratio. The Net profit of the firm for the year ended 31st March 2020 was Rs 4,00,000. Show the division of profit by preparing P&L appropriation a/c
(b) Mohan and Sohan are partners in a firm without partnership deed, Mohan is active partner and he claims salary of Rs 20,000 p.m. State with the reason whether the claim is valid or not.

Answer 1

Explanation:

hence profit transfered to capital acc

pawan 203750

sumit121250

raman 75000