Question 11:
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 12:
A, B and C are partners sharing profits and
losses in the ratio of 3 : 2 : 1. B died on 30th June, 2024. For
the year ended 31st March, 2025, proportionate profit of 2024 is to be taken
into consideration. During the year ended 31st March, 2025, bad debts of ` 2,000 had to be adjusted. Profit for the year ended 31st
March, 2024 was `14,000 before adjustment of bad debts. Calculate B's
share of profit till the date of his death.
Answer:
Profit for the year 2023-24 before
adjusting bad debts = ` 14,000
Bad debts = ` 2,000
Profits after adjusting bad debts =14,000 – 2,000= `.12,000
Proportionate profit of the firm (from April 01, 2023 to June 30, 2024)
=12,000×3/12=3,000
B’s share of profit (from April 01, 2023 to June 30, 2023)=
=3,000×2/6=1,000
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,
2023. Profit from 1st April, 2023 to 30th June, 2023 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,
2023. 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, 2023. 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.) ` |
|
2023 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, 2022 after 4 month of
beginning of the year (from 1 April 2023 to 31st July, 2023)
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 2023-2024
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Class 12 / Volume – I