Question

P,Q,R 3:3:2 . The partnership deed provided
the following
1) Salary, 2000 per quater to p and q
1) Commission to R 12000
1) Q was guaranteed a profit of 50000
The profit of firm for the year 31/3/15 150000
which was distributed among P,Q,R ratio 2:2:1
withOUT taking provisions. Pass the necessary rectify entry.​

Answer 1

Answer:

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Answer 2

Explanation:

first take the profit back because it was distributed in wrong ratio

then give remuneration

find out divisible profit

distribute it in right ratio (in working note)

profit of P = 45,750

profit of Q = 45,750

profit of R = 30,500

guranteed to Q = 50,000

he got ₹45, 750

deficiency = 4250

meet the 4250 in 3:2 ( P and R)

P's contribution = 2550

R's contribution = 1700

p's actual share = 45,750 - 2550 = 43,200

Q's actual share = 45,750+4250 = 50,000

R's actual share = 30,500 - 1700 = 28,800