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Amal, Vimal and Rahul were partners …

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Amal, Vimal and Rahul were partners in a firm sharing profits in the ratio of 2:2:1. The firm closes its books on 31 March every year. On 31-12-2015 Rahul died. On that date his capital account showed a credit balance of 3.80.000 and goodwill of the firm valued at 1.20000. There was a debit balance of 50.000 in the profit and loss account. Rahul's share of profit in the year of his death was to be calculated on the basis of the average profit of last five years was 75.000 Pass necessary Journal entries in the book of the firm on Rahul's death.

Posted by Aleena Mathew 2 years, 7 months ago

CBSE > Class 12 > Accountancy

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