Q.No.60 | Chapter 6 – Retirement/Death of a Partner | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Question 60 Chapter 6 of +2-A

60. X, Y and Z were partners in a firm. Z died on 31st May 2018. His share of profit from the closure of the last accounting year till the date of death was to be calculated on the basis of the average of three completed 19,000 and 17,000 respectively. Calculate Z's share of profit till his death and pass necessary Journal entry for the same when:
a there is no change in the profit-sharing ratio of remaining partners, and
b there is the change in the profit-sharing ratio of remaining partners, the new ratio being 3: 2.

The solution of Question 60 Chapter 6 of +2-A: -

Date	Particulars		L.F.	Debit	Credit
a	Profit & Loss Suspense A/c	Dr.		1,000
	To Z’s Capital A/c				1,000
	(Being Proportionate profit dispensed to deceased partner)
b	X’s Capital A/c	Dr.		800
	Y’s Capital A/c	Dr.		200
	To Z’s Capital A/c				1,000
	(Being Proportionate profit dispensed to deceased partner)

 

 

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
• Chapter No. 3 – Goodwill: Nature and Valuation
• Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 – Admission of a Partner
• Chapter No. 6 – Retirement/Death of a Partner
• Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 – Company Accounts –  Accounting for Share Capital
• Chapter No. 9 – Company Accounts – Issue of Debentures
• Chapter No. 10 – Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 – Financial Statements of a Company
• Chapter No. 2 – Financial Statement Analysis 
• Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
• Chapter No. 4 – Accounting Ratios
• Chapter No. 5 – Cash Flow Statement

 

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