Question

P, Q and R are partners in firm sharing profits in the raio 3:2:1. R is guaranteed a minimum profit of Rs.
20,000 as his share of profit every year. Firm earned a profit of Rs. 90,0000. Partners will get:
a) P- Rs. 40,000 Q- Rs. 30,000 R- Rs. 20,000
b) P- Rs. 45,000 Q- Rs. 30,000 R- Rs. 15,000
c) P- Rs. 42,000 Q- Rs. 28,000 R- Rs. 20,000
d) None of these

Answer 1

Answer:

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Explanation:

(1) Q guaranteed to earn minimum Rs 4,80,000. But he earn only Rs 3,20,000.  So, balance Rs 1,60,000 is charged from his capital account.   (2) Total profit of firm = 15,20,000 + 1,60,000 = Rs 16,80,000 R guaranteed by firm for 3,00,000 profit.  So, Balance profit 16,80,000 – 3,00,000 = Rs 13,80,000 will distributed between P and Q in 3:2 ratio.