Question:
P, Q and E start a joint venture, where in they make an annual profit. P invested one-third of the capital for one-fourth of the time, Q invested one-fourth of the capital for one-half of the time and R invested the remainder of the capital for the entire year. P is a working partner and gets a salary of `10,000 per month. The profit after paying P’s salary is directly proportional to the sum each one has put and also to the square of the number of months for which each has put their sum in the venture. If in a year P earns ` 60,000 more than Q, then how much does P earn?
P, Q and E start a joint venture, where in they make an annual profit. P invested one-third of the capital for one-fourth of the time, Q invested one-fourth of the capital for one-half of the time and R invested the remainder of the capital for the entire year. P is a working partner and gets a salary of `10,000 per month. The profit after paying P’s salary is directly proportional to the sum each one has put and also to the square of the number of months for which each has put their sum in the venture. If in a year P earns ` 60,000 more than Q, then how much does P earn?
Updated On: Dec 27, 2024
- 1,00,000
- 1,20,000
- 1,35,000
- 1,50,000
- 1,80,000
Hide Solution
Verified By Collegedunia
The Correct Option is D
Solution and Explanation
The correct answer is option (D): 1,50,000
Was this answer helpful?
0
2
Top Questions on Profit sharing ratio
- The firm of Amish, Nitish and Misha, who have been sharing profits in the ratio of 2 : 2 : 1, have existed for some years. Misha wanted that she should get equal share in the profits with Amish and Nitish and she further wished that the change in the profit sharing ratio should come into effect retrospectively for the last three years. Amish and Nitish had agreement for this.
The profits for the last three years were: 2021–22 ₹ 1,15,000; 2022–23 ₹ 1,24,000; 2023–24 ₹ 2,11,000
Show adjustment of profits by means of a single adjustment journal entry. Show your working clearly.- CBSE CLASS XII - 2025
- Accountancy
- Profit sharing ratio
- D, E and F were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 5. G was admitted as a new partner for \(\frac{1}{5}\)th share in the profits of the firm. G acquired his share entirely from F. The new profit sharing ratio among D, E, F and G will be:
- CBSE CLASS XII - 2025
- Accountancy
- Profit sharing ratio
- P, Q and R were partners in a firm sharing profits and losses in the ratio of 3 : 5 : 2. S was admitted as a new partner for \(\frac{1}{5}\) share in the profits of the firm. S acquired his share entirely from Q. The new profit sharing ratio among P, Q, R and S will be:
- CBSE CLASS XII - 2025
- Accountancy
- Profit sharing ratio
- Karan Ltd. invited applications for issuing 80,000 equity shares of ₹80 each at par. The amount was payable as follows:
\hspace*{0.5cm}On Application and Allotment – ₹30 per share
\hspace*{0.5cm}On First and Final Call – Balance
Applications for 1,40,000 shares were received. Applications for 20,000 shares were rejected and the money was refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on first and final call. Ravi, who had applied for 1,200 shares, paid his entire share money along with his application. Chaman, to whom 2,400 shares were allotted, failed to pay the first and final call. Chaman’s shares were forfeited.
Pass necessary journal entries for the above transactions in the books of Karan Ltd. Open ‘Calls-in-Arrears Account’ and ‘Calls-in-Advance Account’, wherever necessary.- CBSE CLASS XII - 2025
- Accountancy
- Profit sharing ratio
- DDG Ltd. invited applications for issuing 75,000 equity shares of ₹75 each at a premium of ₹25 per share. The amount was payable as follows:
On Application and Allotment – ₹40 per share
On First and Final Call – Balance (including premium)
Applications for 1,25,000 shares were received. Applications for 25,000 shares were rejected and the application money was refunded. Shares were allotted to the remaining applicants on pro-rata basis.
Excess money received with applications was adjusted towards sums due on first and final call. Govind, to whom 1,500 shares were allotted, failed to pay the first and final call. Namita, who had applied for 2,000 shares, also failed to pay the first and final call. Shares of both Govind and Namita were forfeited.
Pass the necessary journal entries for the above transactions in the books of DDG Ltd.- CBSE CLASS XII - 2025
- Accountancy
- Profit sharing ratio
View More Questions
Questions Asked in IBSAT exam
- Lumber : Bear :: Waddle :
Directions: In the question, the first two words are related in a particular manner. You have to choose a word from the options so that a new pair of words is formed where the relation is the same as that of the first pair of words. You are required to consider the secondary meaning of certain words while choosing an answer.- IBSAT
- Analogy
- A boy has some coins with some value on them. He arranges the coins in the form of a star as shown below such that the sums of the numbers in the four circles along any line segment of the star are all equal. What is the sum of the missing numbers?
- IBSAT
- Logical and Analytical Reasoning Skills
- Directions: Fill in the blanks with the words that best fit the meaning of the sentence as a whole.
If a nation is unable to come to ______ on interpreting its own past, it will be unable to ______ its national interests.- IBSAT
- Fill in the Blanks
- The functions f(x) and g(x) are related as f(g(x)) = xg(f(f(x))), where f (x) = \(\frac{x}{x-1}\). What could be the functional form g(x)?
- IBSAT
- Functions
- If p, q, r and s are four positive integers such that pqrs = 1, what is the minimum value of (2 + p)(3 + q)(4 + r)(5 + s)?
- IBSAT
- Quadratic Equation
View More Questions