Question

p and q were partners in a firm sharing profit and ratio of 3:2​

Answer 1

Answer:

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Explanation:

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Answer 2

Answer:

Calculation of New profit sharing Ratio

Let total share be 1.

Share of incoming partner= 1-1/8=7/8

P's New Share= 7/8*5/8=35/64

Q's New Share =7/8*3/8=21/64

R's share = 8/64

Share of partners in profit :

P's share=4,00,000*35/64=2,18,750

Q's share=4,00,000*21/64=1,31,250

R's share=4,00,000*8/64=50,000

R's share of deficiency i.e 25,000 is to be borne by P and Q in the ratio of 3:2.

PROFIT AND LOSS APPROPRIATION ACCOUNT

Particulars Amount Particulars Amount

To profit transferred to :

P's capital A/c 2,18,750

Less:R's share (15,000)

Q's capital A/c 1,31,250

Less:R's share (10,000)

R's capital A/c 50,000

Add:share from P&Q 25,000 4,00,000 By net profit.