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Accountancy · 2023 · 3 marks
Reconstitution of a Partnership Firm – Retirement/Death of a PartnerDeath of a Partner3 marksshort answer
CBSE 2023 · Region 3 · Set 1 · Q17
Kanak, Kamal and Kanha are partners in a firm. Their fixed capitals were ₹ $\displaystyle 5,00,000$, ₹ $\displaystyle 10,00,000$ and ₹ $\displaystyle 15,00,000$ respectively. They share profits in the ratio of their fixed capitals. Firm closes its books of accounts on 31st March every year. Kanak died on 30th September, 2021. Kanak's share of profit till the date of death from the last Balance Sheet date, was to be calculated on the basis of sales. Sales and Profit for the year $\displaystyle 2020$ $\displaystyle 21$ were ₹ $\displaystyle 20,00,000$ and ₹ $\displaystyle 2,00,000$ respectively. Sales from 1st April, $\displaystyle 2021$ to 30th September, $\displaystyle 2021$ were ₹ $\displaystyle 6,00$,000. (i) Calculate Kanak's share of profit. (ii) Pass necessary journal entry to record Kanak's share of profit.
Marking-scheme solution
(i)
Calculation of Kanak’s share of profit:
Profit for $\displaystyle 6$ months= $\displaystyle 6,00,000$ x $\displaystyle 2,00,000$ x $\displaystyle 1$
$\displaystyle 20,00,000$ $\displaystyle 6$
= ₹ $\displaystyle 10,000$
Books of Kanak, Kamal and Kanha
JOURNAL
Date Particulars LF Dr. Cr.
Amount Amount
(₹) (₹)
$\displaystyle 2021$
Sep $\displaystyle 30$ Profit & Loss Suspense A/c Dr. $\displaystyle 10,000$
To Kanak’s Current A/c
$\displaystyle 10,000$
(Kanak’s share of profit till date of death)
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CBSE Class 12 Accountancy past-paper question from the 2023board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.