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Question 56 Chapter 6 of +2-A
56. A, B and C were partners sharing profits and losses in the ratio of 2 : 2 : 1. C died on 30th June, 2018. Profit and Sales for the year ended 31st March, 2018 were 1,00,000 and 10,00,000 respectively. Sales during April to June, 2018 were 1,50,000. You are required to calculate share of profit of C up to the date of his death.
Profit for the year 2017-18 = Rs 1,00,000
Sales for the year 2017-18 = Rs 10,00,000
Ratio of Profit to Sales in 2017-18=1,00,00010,00,000×100=10%
Sales from April 01 2018 to June 30, 2018 = Rs 1,50,000
| ∴Profit from April 01, 2018, to June 30, 2018, on the basis of Profit Ratio of 2017-18 | = | 1,50,000 | X | 10 |
| 100 | ||||
| = | Rs 15,000 |
| ∴C’s Profit Share from April 01, 2018, to June 30, 2018 | = | 15,000 | X | 1 |
| 5 | ||||
| = | Rs 3,000 |
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Q.No.56 | Chapter 6 – Retirement/Death of a Partner | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1.
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