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Question : The firm of P, Q and R with profit sharing ratio of  3: 6:1, h.ad the balance in General Reserve Account amounting Rs. 90,000. S joined as a new partner and the new profit sharing ratio was decided to be 3 : 3 : 3 : 1. Partners decide to keep the General Reserve unchanged in the books of accounts. The effect will be:

Option 1: Q will be credited by Rs. 27,000

Option 2: R will be debited by Rs. 27,000

Option 3: P will be credited by Rs. 36.000 

Option 4: P will be debited by Rs. 36,000 


Team Careers360 15th Jan, 2024
Answer (1)
Team Careers360 23rd Jan, 2024

Correct Answer: Q will be credited by Rs. 27,000


Solution : Answer = Q will be credited by Rs. 27,000

O.R - N.R.

P = 3/10 - 3/10 = 0

Q = 6/10 - 3/10 = 3/10 x 90,000 = 27000

R = 1/10 - 3/10 = -2/10 x 90,000 = 18000

S = 1/10 = 1/10 x 90,000 = 9000

R's Capital A/c Dr 18000

S's Capital A/c Dr 9000

To Q's Capital A/c 27000

Hence, the correct option is 1.

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