P, Q and R were partners in a firm. Q died on 31st December,2019. Q’s
share of profit from the closure of the last accounting year till the date
of death was to be calculated on the basis of the average of three
completed years of profits before death. Profits for the year ending 31st
March 2017, 2018 and 2019 were Rs.92,000; Rs.1,50,000 and Rs.2,44,000
respectively. The firm closes its books on 31st March every year.
Calculate Q’s share of profit till the date of his death and pass the
journal entry for the same.
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Answer:
(Both Classes of Shares/Cash Book) Y Ltd. was formed with an authorised capital
* 40,00.000 divided into 3,00,000 equity shares of 10 each and 10,000 Preference shares
* 100 each. Both classes of shares were issued to the public in full and they are to be pa
Preference shar
follows:
Equity shares
Application
20 percent
Allotment
30 percent
First call
50 percent
Second call
All the calls were made and in due course the money were received in full. Give
necessary journal entries and prepare Cash Book.
25 perc
25 perc
25 perc
25 perc
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