Question

Q 1. P, Q and R are partners in a firm sharing profits in the ratio of P 1/5, Q 1/2, R 3/10. It was provided that Q’s share

in profit for a year would not be less than ` 60,000. Any deficiency arising on that amount shall be met by P.

The firm earned a net profit of ` 1,00,000 during the year ended 31st March, 2017.

Find out the share of profit that P, Q and R will get. (3 marks)

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Answer 1

Answer:

Calculation of Share of profits

P's Share -3,50,000*5/10 = 1,75,000

Q's share - 3,50,000*4/10 = 1,40,000

R's share - 3,50,000*1/10 = 35,000

R's guaranteed share is 50,000. So,the deficiency of 15,000 (50,000-35,000) is to be contributed by P and Q in the ratio of 3:2

P's contribution = 15,000*3/5=9,000

Q's contribution= 15,000*2/5 =6000

Journal entry is as follows:-

P's capital A/c Dr 9,000

Q's capital A/c Dr 6,000

To R's capital A/c 15,000

(Being deficiency contributed by partners)

@KUNAL TIJARE....

Answer 2

Explanation:

in in first situation we get 10000 rupees to get 3 30000 rupees and get 18000 rupees and in second situation 20000 followed by p q take 50000 and take 30,000 and p gets 40000 profit she gets 30000 profit and q gets 100000 profit and are gets 30000 profit at total