P and Q are in partnership, sharing profits in the ratio 3:2 and compiling their accounts to 30 June each year.
On 1 January 2002 R joined the partnership, and from that date the profit-sharing ratio became P 50%, Q 25% and R 25%, after providing for salaries for Q and R as follows:
Q $20,000 per year R $12,000 per year
The partnership profit for the year ended 30 June 2002 was $480,000, accruing evenly over the year.
What are the partners’ total profit shares for the year ended 30 June 2002? Q R $ $ $
A 256,000 162,000 62,000 B 248,000 168,000 64,000 C 264,000 166,000 66,000 D 264,000 156,000 60,000
Q R