Aman,Raman and suman were partners sharing profit the sharing ratio of 3 2 1 respectively. The profit and sales for the year ended 31 march,2007 were Rs. 3 lakh and Rs.10 lakh respectively.
Aman died on 30th september,2007.calculate the share of deceased partner in the profit for the period from 1st april,2007 to 30th november,2007, If the same is calculated :
(i) On the basis of sales which were Rs.8 lakh from 1st April,2007 to 30th November,2007.
(ii) On the basis of time.
ALSO pass the necessary journal entry for the share.
[Ans.aman's Share of profit :
On the basis of sales Rs.1,20,000
on the basis of sales Rs.1,00,000]
plz give answer today plz plz fast for my exan plz plz fast
Dear Student
Please note that Aman died on 30th Sep so his share would be calculated till 30th sep only not 30th Nov.
Sales for the year ended March 2007 is 10,00,000 /- and profit is Rs 3,00,000/-
Profit ratio = 30%
Date of death of aman = 30th Sep 2007
1. share of profit of aman if sales from Apr to 30th Nov = 8,00,000/-
Sales till 30th Sep =
Total profit = 6,00,000 x 30% = 1,80,000/-
Share of aman = 1,80,000 x 3/6 = 90,000/-
2. On the basis of time :
Sales of last year = 10,00,000/-
Based on last years sale , sale between 01-Apr to 30th sep = = 5,00,000/-
Profit = 5,00,000 x 30% = 1,50,0000-
Share of aman = 1,50,000 x 3/6 = 75,000/-
Regards
Please note that Aman died on 30th Sep so his share would be calculated till 30th sep only not 30th Nov.
Sales for the year ended March 2007 is 10,00,000 /- and profit is Rs 3,00,000/-
Profit ratio = 30%
Date of death of aman = 30th Sep 2007
1. share of profit of aman if sales from Apr to 30th Nov = 8,00,000/-
Sales till 30th Sep =
Total profit = 6,00,000 x 30% = 1,80,000/-
Share of aman = 1,80,000 x 3/6 = 90,000/-
| Profit and loss suspense A/c | Dr. | 90,000 | |
| To Aman's Capital A/c | 90,000 | ||
| (Being amans share credited till date of his death) | |||
2. On the basis of time :
Sales of last year = 10,00,000/-
Based on last years sale , sale between 01-Apr to 30th sep = = 5,00,000/-
Profit = 5,00,000 x 30% = 1,50,0000-
Share of aman = 1,50,000 x 3/6 = 75,000/-
| Profit and loss suspense A/c | Dr. | 75,000 | |
| To Aman's Capital A/c | 75,000 | ||
| (Being amans share credited till date of his death) | |||
Regards