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

Question 47 Chapter 6 of +2- Part
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.

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The solution of Question 47 Chapter 6 of +2 Part-1: –

Day - 139 | Solution of Questions 47 to 51 Retirement of a Partner Chapter 6 Accounts class 12 PSEB

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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

Check Out the Solution of all questions of this chapter:

The solution to all questions of Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.

Question 04 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 19 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 34 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 52 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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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.

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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)

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

Check out Part 2 of both books.

In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.

1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication

2. Advanced Accountancy Part 2 Class 12 by Unimax Publication

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