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Raman, Param and Karan were partners sharing profits and losses in the ratio of 3 : 2 : 1. Param died on 31st December, 2024. Accounts of the firm are closed on 31st March every year. Sales for the year ended 31st March, 2024 were ₹12,00,000, and sales for the nine months ended 31st December, 2024 were ₹6,00,000. Loss for the year ended 31st March, 2024 was ₹90,000. Calculate the deceased partner’s share of profit/loss from the beginning of the accounting year up to 31st December, 2024.
Rate of loss on sales (2023-24) = 90,000 / 12,00,000 × 100 = 7.5%. Loss for the nine months ended 31st December, 2024 = 6,00,000 × 7.5/100 = ₹45,000.
Param’s share of loss = 45,000 × 2/6 = ₹15,000.
JOURNAL
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| 2024 Dec 31 | Param’s Capital A/c Dr. | 15,000 | ||
| To Profit & Loss Suspense A/c | 15,000 | |||
| (Param’s share of loss till the date of death 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.21 - 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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