Question

1. Riva, Meetu and Asha were partners in a firm sharing profit and losses
in the ratio of 1: 2: 3. Meetu died on 31 July 2019 . According to the
partnership agreement, her share of profit from the closure of last
accounting year till the date of her death was to be calculated on the
basis of aggregate profits of two completed year before her death Profits
of the firm for the years ending 31 March, 2018 and 31 March, 2019
were 46,000 and 44,000 respectively. The firm close its books on
31st March every year. Meetu's share of profit till the date of her death will be ​

Answer 1

Concept Introduction:-

In those basic sense in which accountancy is like a “profession or duties of an accountant”. It includes measuring, processing and also communicating financial information, managing detailed financial records, prepared tax documents and keeps track of an entity's economic resources.

Given:-

We have been given names of three partners are there share of profits.

To Find:-

We have to find Meetu share of profit.

Solution:-

According to the problem

Riva, Meetu and Asha are partners in a firm who’s share of profits and losses in the ratio 1: 2: 3

Profits in the firm for the years ending 31st March, 2018 was ₹ 46,000

Profits in the firm for the years ending 31st March, 2019 was ₹ 44,000

Meetu died on 31st July, 2019

Meetu's share of profit=(46,000+44,000)×2/6×4/12

=₹10,000

Final Answer:-

The final answer is ₹10,000

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