Question
11:
Anil, Sunil and Hari were partners sharing profits
equally. Sunil died on 31st December, 2024. In terms of the partnership deed,
accounts were prepared for the period ended 31st December, 2024 and net profit
was determined at ₹6,00,000.
Pass the Journal entry for the profit share of the partners.
Answer:
|
Date |
Particulars |
|
L.F. |
(Dr.) ₹ |
(Cr.) ₹ |
|
2024 31st
Dec. |
Profit
and Loss Appropriation A/c To
Anil’s Capital A/c To
Sunil’s Capital A/c To Hari’s Capital A/c (Being profit
distributed) |
Dr. |
|
6,00,000 |
2,00,000 2,00,000 2,00,000 |
Working
Notes:
Share of each partner is Equal (1:1:1)
Share of each partner = 6,00,000
× 1/3 = 2,00,000
Question 12:
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. (CBSE 2020)
Answer:
|
Date |
Particulars |
|
L.F. |
(Dr.) ₹ |
(Cr.) ₹ |
|
2020 25th Feb. |
Profit
and Loss Suspense A/c To B’s Capital A/c (Being
profit distributed) |
Dr. |
|
50,000 |
50,000 |
Question
13:
Ram, Manu and Hari were partners in a firm. Hari died on 30th June, 2024. 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. Profits for the years ended 31st March, 2022, 2023 and
2024 were ₹ 1,10,000; ₹ 1,20,000 and ₹ 1,30,000 respectively. Calculate Hari’s share of profit till the date of his death and pass
necessary Journal entry for the same.
Answer:
Total profit previous three years = 1,10,000 + 1,20,000+ 1,30,000 = 3,60,000
Average Profit previous three years = 3,60,000/3 = 1,20,000
Hari
died on 30th June, 2022 after 3 month of beginning of the year (from 1 April
2024 to 30th June, 2024)
Hari’s
share of Profit for 3 month = 1,20,000 × 3 × 1 ÷ 12 × 3 = ₹ 10,000
Question 14:
X, Y and Z were partners sharing
profits and losses in the ratio of 3 : 2 : 1. Y
died on 30th June, 2025. Profit from 1st April, 2025 to 30th June, 2025was ₹
3,60,000. X and Z decided to share
the future profits in the ratio of 3 : 2 respectively
with effectfrom 1st July, 2025. Pass the necessary
Journal entries to record Y's share of profit up to the date of
death.
Answer:
|
Journal |
|||||
|
S.No. |
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 |
|
|
(Proportionate
profit dispensed to deceased partner) |
|
|
|
|
Working Notes:
WN1: Calculation of Y’s Share of Profit
Y's share=Firm's Profit×Y's Profit Share
Y's share=3,60,000×2/6=1,20,000 to be borne by gaining partners in gaining ratio
WN2: Calculation of Gaining
Ratio
Gaining Ratio = New Ratio − Old Ratio
X's gain=3/5−3/6=3/30
Z's gain=2/5−1/6=7/30
Gaining Ratio=3:7
X's share=1,20,000×3/10=36,000
Z's share=1,20,000×7/10=84,000
Question
15: Radha,
Tina and Reeta were partners sharing profits equally.
Reeta died on 31st July, 2024. Radha
and Tina decided to continue the business. Share of profit or loss of the
deceased partner from the beginning of the year up to the date of death was to
be determined on the basis of last year’s profit, which was 4,50,000.
Pass necessary Journal entry to record Reeta’s share of profit/loss up to the date of death.
Answer:
|
Date |
Particulars |
|
L.F. |
(Dr.) ₹ |
(Cr.) ₹ |
|
2024 31st
July |
Profit
and Loss Suspense A/c To Reeta’s Capital A/c (Being profit transferred on the basis of
last years profit) |
Dr. |
|
50,000 |
50,000 |
Working
Notes:
Hadha,
lina and Reeta were
partners sharing profits equally (1:1:1)
Reeta
died on 31st July, 2024 after 4 month of beginning of the year (from 1 April
2024 to 31st July, 2024)
Last year’s profit = ₹ 4,50,000
Reeta’s
share of Profit for 3 month = 4,50,000 × 4 × 1 ÷ 12 × 3 = ₹ 50,000
Ts Grewal Solution 2025-2026
Click below for more Questions
Class 12 / Volume – I