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Standard XII

Accountancy

Profit or Loss Suspense A/c

Arun, Tarun a...

Question

Arun, Tarun and Neha are partners sharing profits in the ratio of 3 : 2 : 1 Neha dies on 31st May 2006. Sales for the year 2005-2006 amounted to Rs.4,00,000.and the profit on sales is Rs.60,000. Accounts are closed on 31 March every year. Sales from lst April 2006 to 31st May 2006 is Rs.1,00,000. Calculate the deceased partner’s share in the profit upto the date of death.

Rs 2,500

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Rs 31,25

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Rs 1,250

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None of these

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Solution

The correct option is A
Rs 2,500

Profit from 1st April 2006 to 31st May 2006 on the basis of sales:

If sales are Rs.4,00,000, profit is Rs.60,000

If the sales are Rs.1,00,000 profit is : 60,000/4,00,000 × 1,00,000

= Rs.15,000

Neha’s share = 15,000 × 1/6 = Rs.2,500

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The correct option is A Rs 2,500 Profit from 1st April 2006 to 31st May 2006 on the basis of sales: If sales are Rs.4,00,000, profit is Rs.60,000 If the sales are Rs.1,00,000 profit is : 60,000/4,00,000 × 1,00,000 = Rs.15,000 Neha’s share = 15,000 × 1/6 = Rs.2,500

The correct option is A
Rs 2,500

Profit from 1st April 2006 to 31st May 2006 on the basis of sales:

If sales are Rs.4,00,000, profit is Rs.60,000

If the sales are Rs.1,00,000 profit is : 60,000/4,00,000 × 1,00,000

= Rs.15,000

Neha’s share = 15,000 × 1/6 = Rs.2,500