Question

A, B and C were partners sharing profits and losses in the ratio of 2 : 2 : 1. C died on 30th June, 2018. Profit and Sales for the year ended 31st March, 2018 were ₹ 1,00,000 and ₹ 10,00,000 respectively. Sales during April to June, 2018 were ₹ 1,50,000. You are required to calculate share of profit of C up to the date of his death.

Answer 1

Calculation of Share in General Reserve

$\text { Reserve }=\frac{36,000 \times 5}{12}=R s 15,000$

Calculation of Interest on Capital

$Profit \& Loss Suspense =\frac{1,80,000 \times 5 \times 6}{12 \times 12}= Rs 37,500$

Calculation of Share in Goodwill :

$Gaining Ratio = New Ratio- Old Ratio \\ \mathrm{Y}^{\prime} s Gain =\frac{7}{12}-\frac{4}{12}=\frac{7-4}{12}=\frac{3}{12}\\ \mathrm{Z}^{\prime} \mathrm{s} Gain =\frac{5}{12}-\frac{3}{12}=\frac{5-3}{12}=\frac{2}{12}\\ Goodwill = Average Profit \times No. of years' Purchase =1,80,000 \times 2.5=\mathrm{Rs} 4,50,000\\ X's share in Goodwill =4,50,000 \times \frac{5}{12}= Rs 1,87,500, should be contributed by Y \& Z in gaining ratio i.e. 3: 2$

Answer 2

Answer:

Hope it will clear your doubt.