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Accountancy · 2024 · 3 marks
Reconstitution of a Partnership Firm – Retirement/Death of a PartnerDeath of a Partner3 marksshort answer
CBSE 2024 · Region 3 · Set 2 · Q17
Alisha, Bobby and Pooja were partners in a firm sharing profits and losses in the ratio of $\displaystyle 5$ : $\displaystyle 3$ : 2. Pooja died on 30th September, 2023. Pooja's share in the profits of the firm till the date of death was to be calculated on the basis of sales. Sales during the year $\displaystyle 2022$ $\displaystyle 23$ were ₹ $\displaystyle 30,00,000$ and sales from 1st April, $\displaystyle 2023$ to 30th September, $\displaystyle 2023$ were ₹ $\displaystyle 10,00$,000. The profit for the year ended 31st March, $\displaystyle 2023$ was ₹ $\displaystyle 3,00$,000. Calculate Pooja s share of profit up to the date of death and pass the necessary journal entry for the same in the books of the firm. Show your workings clearly.
Marking-scheme solution
JOURNAL
Date Particulars L.F. Dr. Cr.
Amount Amount
`) `)
( (
$\displaystyle 2023$ Profit and Loss Suspense A/c Dr. $\displaystyle 20,000$
Sept $\displaystyle 30$ To Pooja’s Capital A/c $\displaystyle 20,000$
(share of profit credited to Pooja’s capital)
Pooja’s share of profit =
Last Year Profit x Sales in Current Year up to Death x Pooja’s profit share
Last Year Sales
$\displaystyle 3,00,000$ x $\displaystyle 10,00,000$ x $\displaystyle 2$
$\displaystyle 30,00,000$ $\displaystyle 10$
` $\displaystyle 20,000$
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CBSE Class 12 Accountancy past-paper question from the 2024board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.