[ISC] Q. 1 Death of Partner Solution TS Grewal Class 12 (2023-24)

Solution to Question number 1 of the Death of Partner Chapter of TS Grewal Book ISC Board 2023-24 Edition?

Sunder, Madhu and Ram were partners sharing profits in the ratio of 3 : 2: 1. Suman died on 30th June, 2022. His share of profit from the end of 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 financial years ended 31st March, 2020, 2021 and 2022 were ₹ 80,000; ₹ 90,000 and ₹ 76,000 respectively.

Calculate Suman’s share of profit till his death and pass necessary Journal entry for the same.

Solution:-