Question 50 Chapter 6 of +2- Part

Question 50 Chapter 6 of +2-Part-1

50. (Different Cases of Deceased Partner’s Share of Profit) A, B and C are partner sharing in the ratio of 3:2:1. They close their books of accounts on December 31, every year. B dies. Calculate It’s share of profit assuming following cases :
(a) Deceased partner’s share of profit is to be calculated on the basis of last year’s profit, which amounts to Rs. 48,000 B dies on 31st March.
(b) Deceased partner’s share of profit is to le calculated on the basis of the average of last three years profit, which amount to Rs. 30,000, Rs. 25,000 and Rs. 17,000 Suppose B dies on May 31.

The solution of Question 50 Chapter 6 of +2 Part-1: –

(a) On the basis of last years
 Rs
Annual profit of the firm48,000
Firm’s profit for 3 months12,000
B’s share being 2/64,000
(b) On the basis average profits
 Rs
Three years profit (36000+25000+17000)72,000
Average Annual profit of the firm24,000
Firm’s profit for 5 months10,000
B’s share being 2/63,333

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

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

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

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 50 Chapter 6 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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