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

Question No.59 Chapter No.6 - T.S. Grewal +2 Book 2019-Solution

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)

#### 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)

• 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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