P and Q share profits in 3 : 2. On 1st April, 2022, they admit R and S with 1/4 and 1/5 share respectively. The profit of the firm for the year ended 31st March 2023 amounted to ₹ 2,00,000
P and Q share profits in 3 : 2. On 1st April, 2022, they admit R and S with 1/4 and 1/5 share respectively. The profit of the firm for the year ended 31st March 2023 amounted to ₹ 2,00,000. Prepare necessary journal entries for the distribution of profit.
[Ans. Share of Profit ₹ 66,000, ₹ 44,000; ₹ 50,000 and ₹ 40,000 respectively.]
Hint. New Ratios 33 : 22 : 25 : 20
Anurag Pathak Answered question August 20, 2024
