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Accountancy · 2022 · 2 marks
Reconstitution of a Partnership Firm – Retirement/Death of a PartnerDeath of a Partner2 marksvery short answer
CBSE 2022 · Region 4 · Set 3 · Q3
A, B and C were partners in a firm sharing profits and losses in the ratio of $\displaystyle 7$ : $\displaystyle 2$ : 1. The firm closes its books on 31st March every year. On 30th June, $\displaystyle 2022$, A died. A's share of profit in the year of his death was to be calculated on the basis of the profit of the previous year. The profit of the firm for the year ended 31st March, $\displaystyle 2022$ was ₹ $\displaystyle 16,00$,000. Calculate A's share of profit in the year of his death.
Marking-scheme solution
A’s share = $\displaystyle 7$/$\displaystyle 10$ ; A died on 30th June, $\displaystyle 2022$
Previous year’s profits = ₹$\displaystyle 16,00,000$
A’s share of profits in the year of death =$\displaystyle 16,00,000$ x $\displaystyle 3$/$\displaystyle 12$ x $\displaystyle 7$/$\displaystyle 10$
= ₹ $\displaystyle 2,80,000$
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CBSE Class 12 Accountancy past-paper question from the 2022board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.