DEATH OF A PARTNER( ONE SHOT) BOARDS EXAM 2025 Class 12th Accounts скачать в хорошем качестве

DEATH OF A PARTNER( ONE SHOT) BOARDS EXAM 2025 Class 12th Accounts

DEATH OF A PARTNER( ONE SHOT) BOARDS EXAM 2025 Class 12th Accounts instagram Link : https://www.instagram.com/manojsharma... 1. Kanak, Kamal and Kanha are partners in a firm. Their fixed capitals were 5,00,000, 10,00,000 and 15,00,000 respectively. They share profits in the ratio of their fixed capitals. Firm closes its books of accounts on 31st March every year. Kanak died on 30th September, 2021. Kanak's share of profit till the date of death from the last Balance Sheet date, was to be calculated on the basis of sales. Sales and Profit for the year 2020-21 were 20,00,000 and 2,00,000 respectively. Sales from 1st April, 2021 to 30th September, 2021 were 6,00,000. (i) Calculate Kanak's share of profit. (ii) Pass necessary Journal entry to record Kanak's share of profit. 2. Q. 2. Danish, Ana and Pranjal are partners in a firm sharing profits and losses in the ratio of 5:3:2. Their books are closed on March 31st every year. Danish died on 30th September, 2019. The executors of Danish are entitled to: (i) His share of Capital, i.e., ₹5,00,000 along with his share of goodwill. The total goodwill of the firm was valued at 60,000. (ii) His share of profit up to his date of death on the basis of sales till date of death. Sales for the year ended March 31, 2019 was 2,00,000 and profit for the same year was 10% on sales. Sales shows a growth trend of 20% and percentage of profit earning is reduced by 1%. (iii) Amount payable to Danish was transferred to his executors. Pass necessary Journal entries and show the workings clearly. (CBSE Sample Paper 2019) 3. P, Q and R were partners in a firm sharing profits and losses in the ratio of 2:1:2. Their Balance Sheet on 31st March, 2022 was as follows: BALANCE SHEET OF P, Q AND R as on 31st March, 2022 Liabilities ₹ Assets Creditors 48,000 Bank 25,000 Bills Payable 22,000 Debtors 75,000 General Reserve 80,000 Stock Profit for 2021-22 2,00,000 Machinery Capital A/cs: P Land and Building Q 2,50,000 5,00,000 12,50,000 16,00,000 R 16,00,000 On 30th June, 2022, Q died. The Partnership Deed provided that on the death of a partner his executors will be entitled for the following: (i) Balance in his Capital Account. (ii) Interest on Capital @ 6% p.a. (iii) His share in the profits of the firm till the date of his death calculated on the basis of last year's profit. (iv) His share in the goodwill of the firm calculated on the basis of the three years' purchase of the average profits of the last four years. Profit for 2018-19 was 3,00,000, for 2019-20 was 4,00,000 and for 2020-21 was ₹ 1,00,000. On 1st June, 2022, Q withdrew 50,000 for meeting his medical expenses. Prepare Q's Capital Account to be presented to his executor. (CBSE 2023) #msacademyaccounts #accountancy #accounts #deathofapartner