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Question 51 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 51 Chapter 6 of +2- Part
Q-51 - CH-6 - Usha +2 Book 2018 - Solution

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Question 51 Chapter 6 of +2-Part-1

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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 :
YearProfit
20168,000
20177,000
20189,000
 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

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Rate of gross profit 2017=54,000x100
3,60,000
     
 =15%  

Sales from 1.1.19 to 31.3.19 = Rs. 30,000

Gross profit @ 15%=15x30,000
100
     
 =Rs 4,500  
A’s share in gross profit=3x4,500
6
     
 =Rs 2,250  

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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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