# Question 47 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-47 - CH-6 - Usha +2 Book 2018 - Solution

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.
Also, Check out the solved question of previous Chapters: –