Question
11: Anil, Sunil and Hari were partners sharing
profits equally. Sunil died on 31st December, 2020. In terms of the partnership
deed, accounts were prepared for the period ended 31st December, 2020 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.) ` |
|
2020 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:
A, B and C
are partners sharing profits and losses in the ratio of 3 :
2 : 1. B died on 30th June, 2021. For the year ended 31st March,
2022, proportionate profit of 2021 is to be taken into consideration. During
the year ended 31st March, 2022, bad debts of ` 2,000 had to be adjusted.
Profit for the year ended 31st March, 2021 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 2020-21 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, 2021 to June 30, 2022)
=12,000×3/12=3,000
B’s share of profit (from April 01, 2021 to June 30, 2022)=
=3,000×2/6=1,000
Question
14: Ram, Manu and Hari were partners in a firm.
Hari died on 30th June, 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 financial years of profits before death. Profits for
the years ended 31st March, 2020, 2021 and 2022 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 2021 to 30th June, 2022)
Hari’s share of Profit for 3 month =
1,20,000 × 3 × 1 ÷
12 × 3 = `
10,000
Question 15:
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. X and Z decided to share the future profits in the
ratio of 3 : 2 respectively with effect from 1st
July, 2021. 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
Ts Grewal Solution 2022-2023
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Class 12 / Volume – I
Chapter 1 – Death of a Partner
Question No. 1 To 5
Question No. 5 To 10
Question No. 11 To 15
Question No. 16 To 20
Question No. 21 To 25
Question No. 26 To 30
Question No. 31 To 35
Question No. 36 To 38
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