1.

P and Q were partners in a firm sharing profits in the ratio of 5 : 3. On 1st April, 2014 theyadmitted R as a new partners for 1/8th share in the profits with a guaranteed profit of Rs. 75,000. The new profits 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 31st March, 2015 was Rs. 4,00,000. Prepare profit and loss appropriation account of P, Q and R for the year ended 31st March, 2015​

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