Question 57 Chapter 6 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 57 Chapter 6 of +2-A

Question 57 Chapter 6 of +2-A

57. A B and C are partners sharing profits and losses in the ratio of 3: 2: 1. B died on 30th June 2018. For the year ended 31st March 2019, the proportionate profit of 2018 is to be taken into consideration. During the year ended 31st March 2018, bad debts of 2,000 had to be adjusted. Profit for the year ended 31st March 2018 was 14,000 before adjustment of bad debts. Calculate B’s share of profit till the date of his death

 

The solution of Question 57 Chapter 6 of +2-A: –

Profit for the year 2017-18 before adjusting bad debts = Rs 14,000
Bad debts = Rs 2,000
Profits after adjusting bad debts =14,000 – 2,000= Rs.12,000
Sales from April 01 2018 to June 30, 2018 = Rs 1,50,000

Proportionate profit of the firm (from April 01, 2018, to June 30, 2018) = 12,000 X 3
12
         
  = Rs 3,000    

 

∴C’s Profit Share from April 01, 2018, to June 30, 2018 = 3,000 X 2
6
         
  = Rs 1,000    

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 57 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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