85. P and Q were partners in a firm sharing profits in the ratio of 5:3. On 1st April, 2024, they admitted R as a new partner for 1/8th share in the profits with a guaranteed profit of ₹75,000. The new profit-sharing ratio between P and Q will remain the same but they agreed to bear any deficiency on account of guarantee to R in the ratio of 3: 2. Profit of the firm for the year ended 31st March, 2025 was ₹4,00,000.

Prepare Proft & Loss Appropriation Account of P, Q and R for the year ended 31st March, 2025.

(Delhi 2016. Modified)