Account
Register

Share

Books Shortlist

# Solution - P and Q Were Partners in a Firm Sharing Profits in the Ratio of 5:3. on 1-4-2014 They Admitted R as a New Partner for 1/8th Share in the Profits with a Guaranteed Profit of Rs. 75,000. - Preparation of Profit and Loss Appropriation Account

ConceptPreparation of Profit and Loss Appropriation Account

#### Question

P and Q were partners in a firm sharing profits in the ratio of 5:3. On 1-4-2014 they admitted R as a new partner for 1/8th share in the profits with a guaranteed profit of Rs. 75,000. The new profit sharing ratio between P and Q will remain the same but they agreed to bear any deficiency on account of guarantee to R in the ratio 3:2. The profit of the firm for the year ended 31-3-2015 was Rs. 4,00,000.

Prepare Profit and Loss Appropriation Account of P, Q and R for the year ended 31-3-2015.

#### Solution

You need to to view the solution
Is there an error in this question or solution?

#### APPEARS IN

2015-2016 (March) Delhi Set 2
Question 12 | 4 marks
2015-2016 (March) Delhi Set 1
Question 11 | 4 marks
2015-2016 (March) Delhi Set 3
Question 11 | 4 marks

#### Video TutorialsVIEW ALL [1]

Solution for question: P and Q Were Partners in a Firm Sharing Profits in the Ratio of 5:3. on 1-4-2014 They Admitted R as a New Partner for 1/8th Share in the Profits with a Guaranteed Profit of Rs. 75,000. concept: Preparation of Profit and Loss Appropriation Account. For the courses CBSE (Arts), CBSE (Commerce), CBSE (Science)
S