P & Q were partners in a firm sharing profits in the ratio of 5:3 . On 1st April,2014 they admitted R as anew partner for 1/8 share in the profits with a guaranteed profit of 75,000. The N.P.S.R. between P and Q will remain the same but they agreed to bear any deficiency on account of guarantee to R in the ratio of 3:2. The profit of the firm for the year ended 31stMarch , 2015 was 4,00,000.
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