Question

p and q shares profits and losses in the ratio of 2:1.they admit R as partner with 1/4th share in profits with a guarantee that his share of profit shall be atleast 26000.the net profit of the firm for the year ending march 31-2016 was 80000.prepare profit and loss appropriation account​

Answer 1

Answer:        calculating the new PSR ;-------

    R 's share =  1/4

    P's new share = 2/3 ×3/4 = 6/12

    Q's new share =  1/3 × 3/ 4 = 3/12

   P  :  Q :  R

  6/12 :  3/12 : 1/4  

6: 3: 3

PROFIT distributed in each in their new profit sharing ratio;---

 P = 80000 ×6/12 = 40000

Q   = 80000 ×3/12 = 20000

 R ( new partner) =  80000 ×3 /12 = 20000

 R get less then guranteed profit hence remaining share he receives to both the partners equally because in this q not mansion any term regarding that,  then the actual profit amount is ;--

 P  = 40000 - 3000 = 37000

Q = 20000 - 3000 = 17000

R =  20000 + 3000+3000 = 26000