Question 56 Chapter 6 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 56 Chapter 6 of +2-A

Question 56 Chapter 6 of +2-A

56. A, B and C were partners sharing profits and losses in the ratio of 2 : 2 : 1. C died on 30th June, 2018. Profit and Sales for the year ended 31st March, 2018 were 1,00,000 and 10,00,000 respectively. Sales during April to June, 2018 were 1,50,000. You are required to calculate share of profit of C up to the date of his death.

 

The solution of Question 56 Chapter 6 of +2-A: –

Profit for the year 2017-18 = Rs 1,00,000
Sales for the year 2017-18 = Rs 10,00,000
Ratio of Profit to Sales in 2017-18=1,00,00010,00,000×100=10%
Sales from April 01 2018 to June 30, 2018 = Rs 1,50,000

∴Profit from April 01, 2018, to June 30, 2018, on the basis of Profit Ratio of 2017-18 = 1,50,000 X 10
100
         
  = Rs 15,000    

 

∴C’s Profit Share from April 01, 2018, to June 30, 2018 = 15,000 X 1
5
         
  = Rs 3,000    

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

  • Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
  • Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
  • Chapter No. 3 – Goodwill: Nature and Valuation
  • Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
  • Chapter No. 5 – Admission of a Partner
  • Chapter No. 6 – Retirement/Death of a Partner
  • Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

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

 

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2 Book 1 min - Question 56 Chapter 6 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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