Question

P and Q share profit in 3:2 on 1st April 2016 they admit r&s with1/4 and 1/5 share respectively . the profit of the firm for the year ended 31st March 2017 amounted 200000.prepare necessary journal entries for the distribution of profit .​

Answer 1

Answer:

and Q share profit in 3:2 on 1st April 2016 they admit r&s with1/4 and 1/5 share respectively . the profit of the firm for the year ended 31st March 2017 amounted 200000.prepare necessary journal entries for the distribu

Answer 2

Profit and loss ac dr.2,00,000
To P’s capital ac 66,000
To Q’s capital ac 44,000
To R’s capital ac. 50,000
To S’s capital ac. 40,000
(Being profit distributed in ratio 33:22:25:20)