[CBSE] Q. 88 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 88 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.

P and Q were partners in a firm sharing profits in the ratio of 5:3. On 1st April 2022 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 the guarantee to R in the ratio of 3:2. The profit of the firm for the year ended 31st March 2023 was ₹ 4,00,000.

Prepare Profit and Loss Appropriation Account of P, Q, and R for the year ended 31st March 2023.

[Ans: Deficiency of Profit ₹ 25,000 will be borne by P and Q in the ratio of 3 : 2. Share of Profit: P – ₹ 2,03,750; Q – ₹ 1,21,250; R – ₹ 75,000.]

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