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Manoj, Rakesh and Harsh were partners sharing profits in the ratio of 2 : 2 : 1. Manoj died on 30th June, 2024. Rakesh and Harsh 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 results. Last year’s loss was ₹2,00,000. Pass the necessary Journal entry to record Manoj’s share of loss up to the date of death.
Manoj died on 30th June, 2024, i.e. 3 months after the beginning of the year (1st April to 30th June, 2024).
Manoj’s share of loss = 2,00,000 × 2/5 × 3/12 = ₹20,000.
JOURNAL
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| 2024 Jun 30 | Manoj’s Capital A/c Dr. | 20,000 | ||
| To Profit & Loss Suspense A/c | 20,000 | |||
| (Manoj’s share of loss, on the basis of last year’s loss, debited to his Capital Account) |
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.16 - 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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