P and Q are partners sharing profits in the ratio of 5:2. R joins the firm, P surrenders 1/2 of his share and Q surrenders 1/3 of his share in favour of R. find new profit sharing ratio.
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P,Q and R are partners sharing profits in the ratio of 5:4:1 respectively. R is guaranteed that his share of profit in any year will not be less than Rs.50,000. The profit for the year ending 31st March, 2018 is Rs.3,50,000. Amount of shortfall in the profits of R will be borne by P and Q in the ratio of 3:2 respectiyely. Pass necessary Journal entry regarding deficiency borne by P and Q.
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