Question

Rajat, Mishi and Tanvi were partners in a firm sharing profit and loss in the ratio of 5:3:2. Tanvi died on 31st October, 2019. According to the partnership agreement, her share of profits 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 years before death. Profits of the firm for the years ending 31st March, 2018 and 31st March, 2019 were ? 57,000 and? 63,000 respectively. The firm closes its books on 31st March every year. Tanvi's share of a profits till the date of her death will be​

Answer 1

To find Tanvi's share of profits until the date of her death, we first need to calculate the aggregate profits of the two completed years before her death. The profits for the year ending 31st March, 2018 were 57,000 and the profits for the year ending 31st March, 2019 were 63,000, so the total aggregate profits for the two years were 57,000 + 63,000 = 120,000.

Then, we need to determine Tanvi's share of the profits based on the profit sharing ratio. The profit sharing ratio for Tanvi is 2, so she is entitled to 2/10 = 20% of the profits.

Therefore, Tanvi's share of the profits until the date of her death would be 20% of 120,000 = 24,000.

To learn more about death of a partner from the given link.

https://brainly.in/question/23857926

#SPJ1