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P,Q and R are partners sharing profits in the ratio of 2:2:1 .As per the partnership agreement ,R is s to get a minimum amount of Rs 80,000 as his share of profit every year and any deficiency on this account is to be personally borne by A . The net profit for the year ended 31st March 2020 amounted to 3,12,000. Calculate the amount of deficiency to be borne by A.?
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P,Q and R are partners sharing profits in the ratio of 2:2:1 .As per t...
Solution:
Given:
Ratio of profit sharing between P, Q, and R = 2:2:1
R's minimum share of profit = Rs 80,000
Net profit for the year ended 31st March 2020 = Rs 3,12,000
Step 1: Calculate the total profit shared by P, Q, and R
Total ratio of profit sharing = 2+2+1 = 5
Let the total profit be x
R's share of profit = (1/5)x
According to the partnership agreement, R's share of profit should be a minimum of Rs 80,000
Therefore, (1/5)x = Rs 80,000
=> x = Rs 4,00,000
Step 2: Calculate the actual share of profit for P, Q, and R
P's share of profit = (2/5) * Rs 4,00,000 = Rs 1,60,000
Q's share of profit = (2/5) * Rs 4,00,000 = Rs 1,60,000
R's share of profit = (1/5) * Rs 4,00,000 = Rs 80,000
Step 3: Calculate the deficiency in R's share of profit
As per the partnership agreement, R's share of profit should be a minimum of Rs 80,000
Actual share of profit received by R = Rs 80,000
Therefore, there is no deficiency in R's share of profit.
Step 4: Calculate the amount of deficiency to be borne by A
As there is no deficiency in R's share of profit, A does not need to bear any amount of deficiency.
Therefore, the amount of deficiency to be borne by A is zero.
Conclusion:
The amount of deficiency to be borne by A is zero as there is no deficiency in R's share of profit.
Given:
Ratio of profit sharing between P, Q, and R = 2:2:1
R's minimum share of profit = Rs 80,000
Net profit for the year ended 31st March 2020 = Rs 3,12,000
Step 1: Calculate the total profit shared by P, Q, and R
Total ratio of profit sharing = 2+2+1 = 5
Let the total profit be x
R's share of profit = (1/5)x
According to the partnership agreement, R's share of profit should be a minimum of Rs 80,000
Therefore, (1/5)x = Rs 80,000
=> x = Rs 4,00,000
Step 2: Calculate the actual share of profit for P, Q, and R
P's share of profit = (2/5) * Rs 4,00,000 = Rs 1,60,000
Q's share of profit = (2/5) * Rs 4,00,000 = Rs 1,60,000
R's share of profit = (1/5) * Rs 4,00,000 = Rs 80,000
Step 3: Calculate the deficiency in R's share of profit
As per the partnership agreement, R's share of profit should be a minimum of Rs 80,000
Actual share of profit received by R = Rs 80,000
Therefore, there is no deficiency in R's share of profit.
Step 4: Calculate the amount of deficiency to be borne by A
As there is no deficiency in R's share of profit, A does not need to bear any amount of deficiency.
Therefore, the amount of deficiency to be borne by A is zero.
Conclusion:
The amount of deficiency to be borne by A is zero as there is no deficiency in R's share of profit.
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P,Q and R are partners sharing profits in the ratio of 2:2:1 .As per t...
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P,Q and R are partners sharing profits in the ratio of 2:2:1 .As per the partnership agreement ,R is s to get a minimum amount of Rs 80,000 as his share of profit every year and any deficiency on this account is to be personally borne by A . The net profit for the year ended 31st March 2020 amounted to 3,12,000. Calculate the amount of deficiency to be borne by A.?
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P,Q and R are partners sharing profits in the ratio of 2:2:1 .As per the partnership agreement ,R is s to get a minimum amount of Rs 80,000 as his share of profit every year and any deficiency on this account is to be personally borne by A . The net profit for the year ended 31st March 2020 amounted to 3,12,000. Calculate the amount of deficiency to be borne by A.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about P,Q and R are partners sharing profits in the ratio of 2:2:1 .As per the partnership agreement ,R is s to get a minimum amount of Rs 80,000 as his share of profit every year and any deficiency on this account is to be personally borne by A . The net profit for the year ended 31st March 2020 amounted to 3,12,000. Calculate the amount of deficiency to be borne by A.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for P,Q and R are partners sharing profits in the ratio of 2:2:1 .As per the partnership agreement ,R is s to get a minimum amount of Rs 80,000 as his share of profit every year and any deficiency on this account is to be personally borne by A . The net profit for the year ended 31st March 2020 amounted to 3,12,000. Calculate the amount of deficiency to be borne by A.?.
P,Q and R are partners sharing profits in the ratio of 2:2:1 .As per the partnership agreement ,R is s to get a minimum amount of Rs 80,000 as his share of profit every year and any deficiency on this account is to be personally borne by A . The net profit for the year ended 31st March 2020 amounted to 3,12,000. Calculate the amount of deficiency to be borne by A.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about P,Q and R are partners sharing profits in the ratio of 2:2:1 .As per the partnership agreement ,R is s to get a minimum amount of Rs 80,000 as his share of profit every year and any deficiency on this account is to be personally borne by A . The net profit for the year ended 31st March 2020 amounted to 3,12,000. Calculate the amount of deficiency to be borne by A.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for P,Q and R are partners sharing profits in the ratio of 2:2:1 .As per the partnership agreement ,R is s to get a minimum amount of Rs 80,000 as his share of profit every year and any deficiency on this account is to be personally borne by A . The net profit for the year ended 31st March 2020 amounted to 3,12,000. Calculate the amount of deficiency to be borne by A.?.
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P,Q and R are partners sharing profits in the ratio of 2:2:1 .As per the partnership agreement ,R is s to get a minimum amount of Rs 80,000 as his share of profit every year and any deficiency on this account is to be personally borne by A . The net profit for the year ended 31st March 2020 amounted to 3,12,000. Calculate the amount of deficiency to be borne by A.?, a detailed solution for P,Q and R are partners sharing profits in the ratio of 2:2:1 .As per the partnership agreement ,R is s to get a minimum amount of Rs 80,000 as his share of profit every year and any deficiency on this account is to be personally borne by A . The net profit for the year ended 31st March 2020 amounted to 3,12,000. Calculate the amount of deficiency to be borne by A.? has been provided alongside types of P,Q and R are partners sharing profits in the ratio of 2:2:1 .As per the partnership agreement ,R is s to get a minimum amount of Rs 80,000 as his share of profit every year and any deficiency on this account is to be personally borne by A . The net profit for the year ended 31st March 2020 amounted to 3,12,000. Calculate the amount of deficiency to be borne by A.? theory, EduRev gives you an
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