P, Q and R entered into partnership on 1st April, 2015 to share profits and losses in the ratio of 12 : 8 : 5. It was provided that in no case R’s share in profit be less then ₹ 30,000 p.a. The profits and losses for the period ended 31st March were: 2015-16 Profit ₹ 1,20,000 2016-17 Profit ₹ 1,80,000; 2017-18 Loss ₹ 1,20,000. Pass the necessary Journal entries in the books of the firm. ]

P, Q and R entered into partnership on 1st April, 2015 to share profit

1.	P, Q and R entered into partnership on 1st April, 2015 to share profits and losses in the ratio of 12 : 8 : 5. It was provided that in no case R’s share in profit be less then ₹ 30,000 p.a. The profits and losses for the period ended 31st March were: 2015-16 Profit ₹ 1,20,000 2016-17 Profit ₹ 1,80,000; 2017-18 Loss ₹ 1,20,000. Pass the necessary Journal entries in the books of the firm. ]
Answer» n: Journal Date Particulars DEBIT RS. Credit Rs. 2015 - 16 P's Capital A/c Dr. 3,600 Q's Capital A/c Dr. 2,400 To R's Capital A/c 6,000 (Being deficiency adjust) 2017 - 18 P's Capital A/c Dr. 32,400 Q's Capital A/c Dr. 21.600 To Rs Capital A/c 51,000 (Being deficiency adjust) Working NOTES: Calculation of amount of deficiency of R's Minimum Guaranteed R's Profit = Rs.30,000 2015-16, R's Share Profit (actual) = 1, 20,000 x .= 24, 000 Deficiency in R's Profit = 30,000 - 24,000 = 6,000 Deficiency to borne by P and Q in the ratio =12:8 2016 — 17 R's actual share profit = 1, 80, 000 x = 36, 000 No deficiency in R's profit as his actual share exceeds his minimum guaranteed share. 2017 - 18, R's share of loss = 1, 20, 000 x = 24, 000 Deficiency in R's Profit = 30,000 + 24,000 = 54,000 Deficiency to borne by P and Q in the ratio =12:8

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