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Dear lecturer ,
I have one question related to partnership. Therefore, could you please help me to solve this ? I am very thankful for you help.
P and Q are in partnerships sharing profit equally.
On 30 June 20×5, R joined the partnership and it was agreed that from that date all three partners should share equally in the profit.
In the year ended 31 December 20X5, the profit amounted to $300,000, accruing evenly over the year after charging an irrecoverable debt of $30,000 which it was agreed should be borne equally by P and Q only.
What should P’s total profit share be for the year ended 31 December 20X5 ?
Partnership is not in the syllabus for Paper F3 – it was removed many years ago.
If you are sitting one of the earlier foundation papers then ask in the relevant forum and the tutor will help you.