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 S were partners sharing profits in the ratio 2: 2: 1. On July 1, 2017, Shreya died. The books of accounts are closed on March 31 every year. Sales for the year 2016-17 amounted to Rs.5,00,000 and that from 1st April to 30th June 2017 were Rs. 1,40,000. The rate of profit during the past three years had been 10% on sales. Since S's legal representative was her only son, who is specially abled, it was decided that the profit for the purpose of settling S's account is to be calculated as 20% of sales.

Calculate S's share of profits till the date of her death and pass the necessary journal entry for the same.

Option 1: Debited profit and loss account by Rs 5,600 and credited S's capital account

Option 2: Debited profit and loss suspense account by Rs 5,600 and credited S's account

Option 3: Debited S's capital account and credited profit and loss suspense account

Option 4: None of the above

Question : A, B and S were partners sharing profits in the ratio 2: 2: 1. On July 1, 2017, Shreya died. The books of accounts are closed on March 31 every year. Sales for the year 2016-17 amounted to Rs.5,00,000 and that from 1st April to 30th June 2017 were Rs. 1,40,000. The rate of profit during the past three years had been 10% on sales. Since S's legal representative was her only son, who is specially abled, it was decided that the profit for the purpose of settling S's account is to be calculated as 20% of sales.

Calculate S's share of profits till the date of her death and pass the necessary journal entry for the same.

Option 1: Debited profit and loss account by Rs 5,600 and credited S's capital account

Option 2: Debited profit and loss suspense account by Rs 5,600 and credited S's account

Option 3: Debited S's capital account and credited profit and loss suspense account

Option 4: None of the above

Question : A, B, and C are partners in a business where they split profits and losses 2: 2: 1. C died on March 31, 2022. Each year on December 31st, accounts are closed. Sales for 2021 totaled Rs. 6,00,000, and profits came to Rs. 60,000. From January 1 to March 31, 2022, there were Rs. 2,00,000 sales. The dead partner's share of the sales-based profit for the current year is:

Option 1: Rs.3,000

Option 2: Rs.4,000

Option 3: Rs.20,000

Option 4: Rs.8,000

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