Question : Aman, Raman and Suman were partners sharing profits the ratio of 3:2:1 respectively. The profit and sales for the year ended 31 March, 2017 were Rs.3 lakh and Rs.10 lakh respectively. Aman died on 30th November, 2017. Calculate the share of deceased partner in the profits for the period from 1st April, 2017 to 30th November, 2017, if the same is calculated: Q. On the basis of Time.
Option 1: RS 1,20,000
Option 2: Rs 1,40,000
Option 3: Rs 1,00,000
Option 4: None of the above
Correct Answer: Rs 1,00,000
Solution : Answer = 1,00,000
On the Basis of Time. Profit = 3,00,000 A's Share = 3,00,000 * 3/6 * 8/12 = 1,00,000. Hence, the correct option is 3.
Question : Aman, Raman and Suman were partners sharing profits a ratio of 3:2:1 respectively. The profit and sales for the year ended 31 March 2017 were Rs.3 lakh and Rs.10 lakh respectively. Aman died on 30th November, 2017. Calculate the share of a deceased partner in the profits for the period from 1st April 2017 to 30th November 2017, if the same is calculated: Q. On the basis of sales which were Rs.8 lakh from 1st April 2017 to 30th November 2017.
Option 1: Rs 1,20,000
Option 3: RS 2,00,000
Option 4: Rs 70,000
Question : Sara, Sita and Meena were partners in a firm sharing profits and losses in the ratio of 2: 2: 1. Sara died on 30th June, 2017, whereas the firm closes its books on 31st March every year. According to their Partnership Deed Sara's representatives would be entitled to get share in the interim profits of the firm calculated on sales basis. Sales and profit for the year 2016-17 were Rs.6,00,000 Rs.1,80,000 respectively and sales in the year 2017-18, till the date of her death amounted to Rs.1,20,000. Sara's share of interim profit will be
Option 1: Rs 14,000
Option 2: Rs 14,600
Option 3: Rs 14,400
Option 4: None of the above.
Question : A, B and C were partners sharing profits and losses in the ratio of 2:2: l. C died on 30th June, 2020. Profit and Sales for the year ended 31st March, 2020 were Rs. 1,00,000 And Rs. 10,00,000 respectively. Sales during April to June, 2020 were Rs. 1,50,000. share of profit of C till the date of his death will be__________.
Option 1: Rs 15,000
Option 2: Rs 6,000
Option 3: Rs 3,000
Question : A, B and C are sharing profits in the ratio of 4:3:2. A dies on 31st December 2017. Accounts are closed on 31st March every year. Sales for the year ending 31st March 2017 amounted to Rs.4,00,000. Sales of Rs.3,30,000 amounted between the period from 1st April 2017 to 31st December 2017. The profit for the year ending 31st March 2017 amounted to Rs.60,000.
The deceased partner’s share in the current year’s profits of the firm will be
Option 1: Rs 24,000
Option 2: Rs 18,000
Option 3: Rs 10,000
Option 4: Rs 22,000
Question : Sharma, Verma and Goyal are partners in a firm. On 1st April 2012 the balances in their Capital Accounts were as follows: Sharma Rs. 4,00,000; Verma Rs. 4,20,000 and Goyal Rs. 3,70,000. The firm closes its accounts every year on 31st March. Verma died on 30th September 2012. In the event of the death of any partner following are the provisions in the Partnership Deed: (i) Interest on Capital will be calculated at the rate of 10% p.a. (ii) The deceased partner; 's legal representative will be paid Rs. 35,000 for his share of goodwill. (iii) The firm had a Reserve Fund of Rs. 2,10,000. The deceased partner will be paid his share in the Reserve Fund. (iv) His share of profit till the date of death will be calculated based on sales. It is also specified that the sales during the year 2011-12 were Rs. 15,00,000. The sales from 1st April 2012 to 30th September 2012 were Rs. 3,00,000. The profit of the firm for the year ending 31st March 2012 was Rs. 3,00,000. Question: Amount Due to the deceased's partner's capital account will be ......
Option 1: Rs 3,66,000
Option 2: Rs 6,06,000
Option 3: Rs 5,66,000
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile