Question 51 Chapter 6 of +2-Part-1
51. (Different Cases of Deceased Partner’s Share of Profit) A, B & C were partners sharing profits and losses in the ratio of 3 :2 :1 respectively. A’ s died on 31st March, 2018. Calculate his share of profits during the accounting year 2019 in each of the following alternative cases :
(i)If the partnership deed provided that the share of profit till the date of death estimated at the sum calculated on the average of the last three completed year profits. The books showed the profits for the calendar years as under: 2014- Rs. 5,000 ; 2015 –Rs.5,000; 2016- Rs 8,000 ; 2017 -Rs.7,000 and 2018- Rs.9,000.
(ii)If the partnership deed provided that the share of profit till the date of death be estimated d at the sum calculated on the sales till the date of death by applying the ratio of net profit to sale for the last accounting year, Sales from 1.1.2018 to 31.3.2019 amounted to 30,000. Sales and set profit fit the year 2018 amounted in Rs. 3,60,000 and Rs.54,000 respectively
The solution of Question 51 Chapter 6 of +2 Part-1: –
(i) A’s share of profit based on average of last three complete years
| Average profits of previous 3 years : |
|
| Year | Profit |
| 2016 | 8,000 |
| 2017 | 7,000 |
| 2018 | 9,000 |
| 24,000 | |
| = | 24,000 | |
| 3 | ||
| = | Rs 8,000 |
A’s share for 3 months = 8,000 X (3/6)X(3/12) = Rs. 1,025
(ii) A’s share of profit based on ratio of gross profit of previous years
| Rate of gross profit 2017 | = | 54,000 | x | 100 |
| 3,60,000 | ||||
| = | 15% |
Sales from 1.1.19 to 31.3.19 = Rs. 30,000
| Gross profit @ 15% | = | 15 | x | 30,000 |
| 100 | ||||
| = | Rs 4,500 |
| A’s share in gross profit | = | 3 | x | 4,500 |
| 6 | ||||
| = | Rs 2,250 |
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)
Check out Part 2 of both books.
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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