[CBSE] Q. 20 Death of Partner Solution TS Grewal Class 12 (2023-24)

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Solution of Question number 20 of the Death of Partner Chapter of TS Grewal Book 2023-24 Edition CBSE Board.

Ajay, Bhawna and Shreya were partners sharing profits in the ratio of 2 : 2 : 1. On 1st July, 2022 Shreya died. The books of accounts are closed on 31st March every yer. Sales for the year 2021-22 ₹ 5,00,000 and that from 1st April to 30th June, 2022 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.

[Ans.: Profit on sale from 1st April, 2022 to 30th June, 2022 = ₹ 1,40,000 × 20/100 = ₹ 28,000 Shreya’s share of Profit till the date of her death = ₹ 28,000 × 1/5 = ₹ 5,600. Journal Entry: Dr. Profit & Loss Suspense A/c and Cr. Shreya’s Capital A/c by ₹ 5,600.]

Solution:-

Solutions of Death of Partner chapter 7 of TS Grewal Book class 12 Accountancy 2023-24 CBSE Board

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Anurag Pathak

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