Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
X, Y and Z were partners sharing profits and losses in the ratio of 3 : 2 : 1. Y died on 30th June, 2025. Profit from 1st April, 2025 to 30th June, 2025 was ₹3,60,000. X and Z decided to share future profits in the ratio of 3 : 2 with effect from 1st July, 2025. Pass the necessary Journal entries to record Y’s share of profit up to the date of death.
JOURNAL
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| X’s Capital A/c Dr. | 36,000 | |||
| Z’s Capital A/c Dr. | 84,000 | |||
| To Y’s Capital A/c | 1,20,000 | |||
| (Y’s share of profit till death borne by the gaining partners X and Z in their gaining ratio 3 : 7) |
Working Notes: Y’s share of profit = 3,60,000 × 2/6 = ₹1,20,000. Gaining Ratio: X’s gain = 3/5 – 3/6 = 3/30; Z’s gain = 2/5 – 1/6 = 7/30 → 3 : 7. X’s share = 1,20,000 × 3/10 = ₹36,000; Z’s share = 1,20,000 × 7/10 = ₹84,000.
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 "T.S. Grewal Class 12 Chapter 6 Q.14 - Death of a Partner", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 6 - Death of a Partner.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "T.S. Grewal Class 12 Chapter 6 Q.14 - Death of a Partner" instantly.