Question

18. Raman, Param and Karan were partners sharing profits and losses in the ratio of 3:2:1. Param died on
31st December, 2019. Accounts of the firm are closed on 31st March every year. Sales for the year ended
31st March, 2019 was 12,00,000 and sales for the nine months ended 31st December, 2019 was 76,00,000.
Loss for the year ended 31st March, 2019 was * 90,000. Calculate deceased partner's share of profit/loss
from the beginning of the accounting year up to 31st December, 2019.​

Answer 1

The profit/loss of Param from the beginning of the accounting year is Rs.1,90,000.

Given:

Profit/loss ratio = 3:2:1

Sales of the year = Rs.12,00,000

Sales for nine months = Rs.76,00,000

Loss for the year = Rs.90,000

To Find:

Share of profit/loss of a deceased partner.

Solution:

Here, it is given that the ratio of profit loss between Raman, Param, and Karan is $3:2:1$.

now, the sales for the year ended on 31st March, 2019 is $Rs.12,00,000$.

The sales for the nine months ended on 31st December, 2019 $Rs.76,00,000$.

Loss for the year ended on 31st March, 2019 $Rs.90,000$.

now, we have to calculate the profit/loss of the Param from the beginning of the accounting year up to 31st December, 2019.

the ratio between Raman, Param and Karan will $\frac{3}{6}, \frac{2}{6},\frac{1}{6}$.

now, $\frac{Last year profit/loss}{Last year sale} =Salestilldeath\times share of profit$.

here, we will put the given values in the above equation.

$=\frac{90,000}{12,00,000}\times 76,00,000\times \frac{2}{6}$

$=5000\times 19\times 2\\=Rs.1,90,000$

Hence, the profit/loss of Param from the beginning of the accounting year is Rs.1,90,000.

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