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

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: –

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

Comment if you have any questions.
Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

• Chapter No. 1 – Accounting Not for Profit Organisations
• 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)
• Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
• Chapter No. 8 – Company Accounts (Share Capital)
• Chapter No. 9 – Company Accounts (Issue of Debentures)
• Chapter No. 10 – Company Accounts (Redemption of Debentures)

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

• Chapter No. 1 – Financial Statements of a Company
• Chapter No. 2 – Financial Statement Analysis
• Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size
• Chapter No. 4 – Ratio Analysis
• Chapter No. 5 – Cash Flow Statement

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