Commerce School

Student Community

YOUTUBE CHANNELSubscribe

Telegram Channel

Commerce School

Student Community

Telegram Channel

YOUTUBE CHANNELSubscribe

Archives Answers

Answer

X, Y and Z were partners in a firm. Z died on 31st May, 2022. His share of profit from the closure of the last accounting year till the date of death was to be calculated on the basis of the average of three completed years of profits before death.

Solution:-

Anurag Pathak
July 26, 2023

A, B and C were partners sharing profits in the ratio of 3 : 2 : 1. The firm closes its books on 31st March every year. B died on 30th June, 2022.

Solution:-

Anurag Pathak
July 26, 2023

Manoj, Rakesh and Harsh were partners sharing profits in the ratio of 2 : 2 : 1. Manoj died on 30th June, 2022. Rakesh and Harsh decided to continue the business.

Solution:-

Anurag Pathak
July 26, 2023

Radha, Tina and Reeta were partners sharing profits equally. Reeta died on 31st July 2022.

Solution:-

Anurag Pathak
July 26, 2023

X, Y and Z were partners sharing profits and losses in the ratio of 3 : 2 : 1. Y died on 30th June, 2022. Profit from 1st April, 2022 to 30th June, 2022 was ₹ 3,60,000.

Solution:-

Anurag Pathak
July 26, 2023

Ram, Manu and Hari were partners in a firm. Hari died on 30th June, 2023. His share of profit from the closure of the last accounting year till the date of death was to be calculated on the basis of the average of three completed financial years of profits before death.

Solution:-

Anurag Pathak
July 26, 2023

A, B and C are partners sharing profits and losses in the ratio of 3 : 2 : 1. B died on 30th June, 2022, For the year ended 31st March, 2023, proportionate profits of 2022 is to be taken into consideration.

Solution:-

Anurag Pathak
July 26, 2023

A, B and C were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 25th February 2019, B died, B’s share of profit till the date of his death was calculated at ₹ 5,000. Pass the necessary Journal entry for the same in the books of the firm.

Solution:-

Anurag Pathak
July 26, 2023

Anil, Sunil and Hari were partners sharing profits equally. Suni died on 31st December 2022. In terms of the partnership deed, accounts were prepared for the period ended 31st December 2022 and net profit was determined at ₹ 6,00,000. Pass the Journal entry for the profit share of the partners.

Solution:-

Anurag Pathak
July 25, 2023

Dinkar, Navita and Vani were partners sharing profits and losses in the ratio of 3 : 2 : 1.

Solution:-

Anurag Pathak
July 25, 2023