Q.18 Solution Death of a Partner TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 18, Chapter 6 Death of a Partner, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 18
X, Y and Z were partners in a firm. Z died on 31st May, 2023. 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 years of profits before death. Profits for the years ended 31st March, 2021, 2022 and 2023 were ₹ 18,000; ₹ 19,000 and ₹ 17,000 respectively.
Calculate Z’s share of profit till his death and pass necessary Journal entry for the same when:
- (i) profit-sharing ratio of remaining partners does not change, and
- (ii) profit-sharing ratio of remaining partners changes and new ratio being 3 : 2.
Solution
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