CBSE 2022 · Region 5 · Set 3 · Q6

Madhu, Shilpi and Renuka were partners in a firm sharing profits in the ratio $\displaystyle 2$:$\displaystyle 2$: 1. The firm closes its books on 31st March every year. Shilpi died on 30th June, 2021. On Shilpi's death, the goodwill of the firm was valued at ₹ $\displaystyle 30$,000. On Shilpi's death, her share in the profits of the firm till the date of her death was to be calculated on the basis of previous year's profit which was ₹ $\displaystyle 60$,000. (i) Calculate Shilpi's share in the profits of the firm till her death. (ii) Pass necessary journal entries for the treatment of goodwill without opening goodwill account and Shilpi's share of profit till the date of her death.