Question

Suman,Bharat and saurab were partners in a firm sharing profits and losses in the ratio 3:2:1 ,Suman died on 30th June,3018.His share of profit from the end of last accounting year till the date of death was to be calculated on the basis of the average of tgree completed years of profits before death .Profits for the finanicial years ended 31st March ,2016,2017 and 2018 were 80,000,90,000 and 76,000 respectively .Calculate Suman's share of profit till his death and pass journal entry for the same​

Answer 1

Answer:

20500

Explanation:

Average profit=80000+90000+76000÷3

=82000

suman's share in profit=82000×3÷6×6÷12

=20500