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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

A

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