14 :- X, Y and Z were partners sharing profit and losses in the ratio of 3:2:1. Y died on 30th June, 2025. Profit from 1st April, 2025 to 30th June, 2025 was Rs 3,60,000. X and Z decided to share profits and losses in the ratio of 3:2 with effect from 1st July 2025.
Pass the necessary journal entries to record Y’s share of profit up to the date of death.
15 :- Radha, Tina and Reeta were partners sharing profits equally. Reeta died on 31st July, 2024. Radha and Tina decided to continue the business. Share of profit or loss of the deceased partner from the beginning of the year up to the date of death was to be determined on the basis of last year’s profit, which was Rs 4,50,000.
Pass the journal entry to record Reeta’s share of profit/loss upto the date of death.
16 :- Manoj, Rakesh and Harsh were partners sharing profits in the ratio of 2:2:1. Manoj died on 30th June, 2024. Rakesh and Harsh decided to continue the business. Share of profit or loss of the deceased partner from the beginning of the year upto the date of death was to be determined to be determined on the basis of last year’s profit. Last year’s loss was Rs 2,00,000
Pass necessary journal entry to record Manoj’s share of profit/loss upto the death of partner.
17 :- A, B and C were partners sharing profits in the ratio of 3:2:1. The firm closes its books on 31st March every year. B died on 30th June, 2024. On his death, Goodwill of the firm was valued at Rs 6,00,000. B’s share in profit or losses till the date of death was to be calculated on the basis of previous year’s profit which was Rs 15,00,000 (loss)
Pass necessary journal entries for goodwill and for his share of loss.
18 :- X, Y and Z were partners in a firm. Z died on 31st May, 2025 . His share of profit from the closure of the last accounting year till the death was to be calculated on the basis of the average of three completed years of profits before death. Profits for the years ended 31st March, 2023, 2024 and 2025 were Rs 18,000, Rs 19,000 and Rs 17,000 respectively.
Calculate Z’s share of profit till his death and pass the necessary journal entry for the same when :
(i) Profit- sharing ratio of remaining partners does not change and
(ii) Profit sharing ratio of remaining partners changes and new ratio being 3:2.
Question 1 to 5 (New Profit – Sharing Ratio and Gaining Ratio)
Question 6 to 8 (Deceased Partner’s Share of Goodwill)
Question 9 to 13 (Calculation of Profit Share of a Deceased Partner)
Question 14 to 18 (Calculation of Profit Share of a Deceased Partner)
Question 19 to 23 (Calculation of Profit Share of a Deceased Partner)
Question 24 (Deceased Partner’s Share of Goodwill and Profit)
Question 25 to 29 (Determination of Amount Payable to Executors of a Deceased Partner)
Question 30 to 33 (Determination of Amount Payable to Executors of a Deceased Partner)
Question 34 (Adjustment of Capital)
Question 35 (Section 37 of the Indian Partnership Act)