Q.90 Solution Fundamentals of Partnership Firm TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 90, Chapter 1 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 90
P and Q were partners in a firm sharing profits in the ratio of 5 : 3. On 1st April, 2023, they admitted R as a new partner for 1/8th share in the profits with a guaranteed profit of ₹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 of 3 : 2. The profit of the firm for the year ended 31st March, 2024 was ₹4,00,000.
Prepare Profit & Loss Appropriation Account of P, Q and R for the year ended 31st March, 2024.
Solution
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About this solution
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