Question 47 Chapter 6 of +2-Part-1
47. (Deceased Partner’s Share of Profit) A , B, and C are equal partners in a firm whose books are closed the 31st of December every year. A died on 31st March 2019 and according to the agreement, his share of profits up to the date of death is to be calculated on the basis of the average profits of the last three years. Net profits of the last three years were Rs. 8,000 ; Rs. 11,000 and Rs.17,000. Calculate A’s share of profits and pass the necessary journal entry.
The solution of Question 47 Chapter 6 of +2 Part-1: –
| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| Profit & loss suspense A/c | Dr. | 1,000 | |||
| To A’s capital A/c | 1,000 | ||||
| (Being A’s share of profit up to date of death credited to his A/c ) | |||||
Working Notes :
Average annual profit
Profit for last 3 years = 8,000 + 11,000 + 17,000 = Rs 36,000
Average annual profit = 36,000 / 3 = Rs 12,000
| Profit up to 31st March | = | Rs. 12,000 | x | 3 |
| 12 | ||||
| = | Rs 3,000 |
| A’s share | = | Rs. 3,000 | x | 1 |
| 3 | ||||
| = | Rs 1,000 |
Comment if you have any questions.
End of Solution
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
Chapter No. 2 – Partnership Accounts – I (Introduction)
Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
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Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication