Question

R, P and K were partners sharing profits and losses in the ratio of 3:2:1. P died on 31st

December, 2019. Accounts of the firm are closed on 31st March of 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 ` 6,00,000. 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 upto 31st December, 2019 and Pass necessary Journal entry to record

P’s share of profit/loss up to the date of death.​

Answer 1

sales profit/loss

12,00,000 (90,000)

6,00,000 loss

loss = 6,00,000×90,000/12,00,000 = 45,000 for 9 months

share of P = 45,000×2/6 = 15,000