Question 11:
Juhi, Riya and Pari are partners sharing profits and losses in the ratio of 3 :2:1. Riya 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 Riya's share of profit till the date of her death.
Answer:
Annual Net profit = 14,000-2,000=12,000
Profit for 3 month (from 1st april, 2024 to 30th June, 2024)= 12,000×3/12=3,000
Riya's Share of Profit= 3,000×2/6= 1,000
Question 12:
Anil, Sunil and Hari were partners sharing profits equally. Sunil died on 31st December, 2025. In terms of the partnership deed, accounts were prepared for the period ended 31st December, 2025 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.) ₹ |
|
2025 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 13:
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 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 effect from 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, 2025. 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.) ₹ |
|
2025 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, 2025 after 4 month of beginning of the year (from 1 April 2025 to 31st July, 2025)
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 2026-2027
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Class 12 / Volume – I