Question 59 Chapter 6 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 59 Chapter 6 of +2-A

Question 59 Chapter 6 of +2-A

59. X, Y and Z were partners sharing profits and losses in the ratio of 3: 2: 1. Y died on 30th June 2018. Profit from 1st April 2018 to 30th June 2018 was 3,60,000. X and Z decided to share the future profits in the ratio of 3: 2 respectively with effect from 1st July 2018. Pass the necessary journal entries to record Y’s share of profit up to the date of death.

 

The solution of Question 59 Chapter 6 of +2-A: –

Date Particulars
L.F. Debit Credit
  X’s Capital A/c Dr.   36,000  
  Z’s Capital A/c Dr.   84,000  
  To Y’s Capital A/c       1,20,000
  (Being Proportionate profit dispensed to deceased partner)      
           

 

Working Notes:

Y’s share=Firm’s Profit × Y’s Profit Share

Y’s share = 3,60,000 X 2
6
         
  =  1,20,000    

Calculation of Gaining Ratio

X’s gain = 3 3
5 6
         
  = 3    
  30    

 

Z’s Share = 2 1
5 6
         
  = 7    
  30    

 

 

X’s share = 1,20,000 X 3
10
         
  =  36,000    

 

Z’s share = 1,20,000 X 7
10
         
  = 84,000    

 

 

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

 

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

2 Book 1 min - Question 59 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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