Question : Choose the correct statement with respect to the Share of Profit or Loss and the year of death will be?

Option 1: Deceased partner is entitled to his share in profit from the beginning of the accounting year up to the date of his death.

Option 2: He bears loss, if any incurred by the firm during this period.

Option 3: Both 1 and 2

Option 4: Neither 1 nor 2 

Question :

R, M and P were partners in a firm. P died on 29th February, 2020. His share of profit from the closure of the last accounting year till the date of death was to be calculated on the basis of the average of three completed years of profits before death.  Profits for the years ended 31st March, 2017, 2018 and 2019 were Rs. 80,000, Rs. 90,000 and Rs. 1,00,000 respectively. 

Question:- If the profit-sharing ratio of remaining partners does not change; P’s share of profit will be  ----

Option 1: Profit and loss suspense account debited by Rs 27,500

Option 2: Profit and loss suspense account credited by Rs 27,500

Option 3: Debited R’s capital account with Rs 22,000 and M’s capital account Rs 5,500 credited P’s capital account Rs 27,500

Option 4: None of the above

Question :

R, M and P were partners in a firm. P died on 29th February, 2020. His share of profit from the closure of the last accounting year till the date of death was to be calculated on the basis of the average of three completed years of profits before death.  Profits for the years ended 31st March, 2017, 2018 and 2019 were Rs. 80,000, Rs. 90,000 and Rs. 1,00,000 respectively. 

Question:- If the profit-sharing ratio of remaining partners does not change; P’s share of profit will be  ----

Option 1: Profit and loss suspense account debited by Rs 27,500

Option 2: Profit and loss suspense account credited by Rs 27,500

Option 3: Debited R’s capital account with Rs 22,000 and M’s capital account Rs 5,500 credited P’s capital account Rs 27,500

Option 4: None of the above

Question : A, B and C were partners sharing profits in the ratio of 1: 2: 2. B died on 30th June 2020 and the profit for the accounting year ended 31st March 2020 was Rs. 36,000. If the profit share of a deceased partner is to be calculated based on previous year's profit, the amount of profit credited to B's Capital Account will be

Option 1: Rs 3,000

Option 2: Rs 2,400

Option 3: Rs 3,600

Option 4: Rs 2,800

Question : A, B and C were partners sharing profits in the ratio of 1: 2: 2. B died on 30th June 2020 and the profit for the accounting year ended 31st March 2020 was Rs. 36,000. If the profit share of a deceased partner is to be calculated based on previous year's profit, the amount of profit credited to B's Capital Account will be

Option 1: Rs 3,000

Option 2: Rs 2,400

Option 3: Rs 3,600

Option 4: Rs 2,800