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Partner's share of profit upto date …

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Partner's share of profit upto date of death on the bais of actual sales till date of death. .. sales for last year was 12,00,000 and profit for the same year was 2,00,000... sales shows a growth trend of 20% and percentage of profit earning remains the same!!... plz help me calculate partner's share of profit on account of his death!! His part in profit sharing ratio is 5/10 ... year closing is 31st march 2019 nd the partner died on 1st july 2018

Posted by Ridhi Mehta 6 years, 9 months ago

CBSE > Class 12 > Accountancy

2 answers

Prateek Seth 6 years, 9 months ago

Sry profit for 3 months is to be written as sales for 3 months.. Mistyped...

Prateek Seth 6 years, 9 months ago

Last year sales =12,00,000 Profit to sales ratio= 2 lakh / 12 lakhs =1/6 Current year's sale =12,00,000 + 20% of 12 lakhs =14,40,000 Profits for 3 months = 14,40,000 ✖ 3/12 =3,60,000 Now deceased partner's profits = 3,60,000 ✖ 1/6 ✖ 5/10 (share of deceased partner) = ₹30,000 ans....

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