P and Q are partners sharing profit and loss in the proportion 2:1 in the Joint Venture. P keeps accounts of joint venture. Q gave Rs. 5,000 to P for joint venture business. P prepared accounts and showed profit of Rs. 2,250. P settled Q's account. In the books of Q, Rs. _______ profit is credited.

Question

Quizplus · Accepted Answer

The profit of Rs. 2,250 is shared in the proportion of 2:1 between P and Q. Therefore, Q's share of the profit is 1/3 of Rs. 2,250, which is Rs. 750.

P and Q Are Partners Sharing Profit and Loss in the Proportion