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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Radha, Tina and Reeta were partners sharing profits equally. Reeta died on 31st July, 2024. Radha and Tina decided to continue the business. The deceased partner’s share of profit or loss from the beginning of the year up to the date of death was to be determined on the basis of last year’s profit, which was ₹4,50,000. Pass the necessary Journal entry to record Reeta’s share of profit up to the date of death.
Radha, Tina and Reeta shared profits equally (1 : 1 : 1). Reeta died on 31st July, 2024, i.e. 4 months after the beginning of the year (1st April to 31st July, 2024).
Reeta’s share of profit = 4,50,000 × 1/3 × 4/12 = ₹50,000.
JOURNAL
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| 2024 Jul 31 | Profit & Loss Suspense A/c Dr. | 50,000 | ||
| To Reeta’s Capital A/c | 50,000 | |||
| (Profit transferred to Reeta on the basis of last year’s profit) |
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.15 - Death of a Partner", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 6 - Death of a Partner.
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