• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

PQ Awards Nominations

Please help us to win one of the PQ Magazine awards and send in the voting form >>
You can nominate us in any or all of the following categories: Online College of the Year, Study Resource of the Year, Private Sector Lecturer of the Year, and Accountancy Personality of the Year.

Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>

Partnerships

Forums › FIA Forums › FA2 Maintaining Financial Records Forums › Partnerships

  • This topic has 4 replies, 3 voices, and was last updated 7 years ago by manirak.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • November 29, 2015 at 5:05 pm #286181
    manirak
    Member
    • Topics: 24
    • Replies: 24
    • ☆

    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 ?

    November 29, 2015 at 9:49 pm #286220
    jomo1649
    Member
    • Topics: 0
    • Replies: 2
    • ☆

    The first 6 months’ porfit 150000-30000=120000/2 =60000

    and secind 6 months = 180000/3 = 60000

    So the p’s total profit is 120000

    November 29, 2015 at 10:14 pm #286238
    jomo1649
    Member
    • Topics: 0
    • Replies: 2
    • ☆

    Sorry man
    The second 6 months profit is
    150000/3= 50000

    So p’s total profit = 110000

    November 30, 2015 at 4:03 pm #286454
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10199
    • ☆☆☆☆☆

    The profit for the year, before the debt write-off = 330,000 or 165,000 per 6 months.

    1st 6 months, bears all the debt write-off, so profits = 165,000 – 30,000 = 135,000, of which P and Q each get 50%, or $67,500

    2nd 6 months, 165,000 shared equally between P, Q and R so 55,000 each.

    P’s total share = 67,500 + 55,000 = 122,500

    [Check: P 122,500, Q, 122,500 R 55,000. Total = 300,000, total profits]

    December 1, 2015 at 2:33 pm #286733
    manirak
    Member
    • Topics: 24
    • Replies: 24
    • ☆

    Thank you very much lecture !

  • Author
    Posts
Viewing 5 posts - 1 through 5 (of 5 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

 

ACCA My Exam Performance for non-variant Applied Skills exams is available NOW

NEW! Download the ACCA Pass Guide

FREE Verifiable CPD for ACCA Members

ACCA mock exams and debrief videos

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

Donate

If you have benefited from OpenTuition please donate.

ACCA CBE 2023 Exams

Instant Poll * How was your exam, and what was the result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • chimporera on CIMA P2 Chapter 11 Test
  • chimporera on CIMA P2 Chapter 13 Test
  • Chong on Conceptual Framework – ACCA SBR lecture
  • mariyaaa on Foreign exchange risk management (1) Part 4 – ACCA (AFM) lectures
  • John Moffat on Introduction to Financial Accounting – ACCA Financial Accounting (FA) lectures

Copyright © 2023 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy