Q.20 Solution Death of a Partner TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 20, Chapter 6 Death of a Partner, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 20
Ajay, Bhawna and Shreya were partners sharing profits in the ratio of 2 : 2 : 1. On 1st July, 2023 Shreya died. The books of accounts are closed on 31st March every year. Sales for the year 2022–23 ₹ 5,00,000 and that from 1st April to 30th June, 2023 were ₹ 1,40,000. Rate of profit during the past three years had been 10% on sales. Since Shreya’s legal representative was her only son, who is differently abled, it was decided that the profit for the purpose of settling Shreya’s account is to be calculated as 20% on sales.
Calculate Shreya’s share of profits till the date of her death and pass necessary Journal entry for the same.
Solution
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About this solution
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