Question

State two basis for determination of profit from the date of balance sheet to the date of death retirement ​

Answer 1

Accounting Treatment of Deceased Partners' Share in Profits If a partner dies on any date after the date of the balance sheet, then his share of profit is calculated from the beginning of the year to the date of death on the basis of time or sales.....

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Answer 2

Explanation:

It can be calculated on

Time basis

i.e how much month he worked

*base will be 12 month

2. On sale basis

i.e how much sale have been done till date

*base will be PY sale