SUNIL PANDA COMMERCE CLASSES (SPCC)

CHAPTERWISE IMPORTANT QUESTIONS COLLAGE

XII ACCOUNTS TERM 02
DEATH OF A PARTNER
Q.1) In a partnership firm, Samar, Reeta and Gagan are partners sharing profits and losses in
the ratio of 4:3:1. As per the terms of the Partnership Deed of the firm, on the death of any
partner, goodwill was to be valued at 50% of the net profits credited to that partner’s
capital accounts during the last three completed year before his/her death. The profits and
losses for the last five years were:
2016-17 ₹1,20,000
2017-18 ₹1,94,000
2018-19 ₹2,10,000
2019-20 ₹60,000
2020-21 ₹1,68,000
On 1st April,2021, Samar dies. Calculate the amount of Samar’s share of goodwill in the firm
and pass the necessary adjusted journal entries of goodwill.
Q.2) Preeti, Kareena and Rani were partners sharing profit in the ratio of their capital
contribution which were ₹6,00,000; ₹4,00,000 and ₹5,00,000 respectively. Their books are
closed on 31st march every year Preeti dies on 24th August,2020. Under the partnership
deed, deceased partner is entitled to her share of profit/loss to the date of death based on
the average profits of preceding four years.
2016-17 ₹50,000
2017-18 ₹20,000 (loss)
2018-19 ₹30,000
2019-20 ₹60,000
Pass necessary journal entry for the treatment of profit and also show your workings clearly
Q.3) In a partnership firm Lakshya limited; Lalit, Krishna and Gagandeep were partners with
capitals of ₹12,00,000, ₹8,00,000 and ₹4,00,000 respectively. They shared profit and losses
of the firm in the ratio of their capitals.
On 31st may,2021 Gagandeep died, and the firm closes its books of accounts on 31 st march
every year. According to their partnership deed, Gagandeep representatives would be
entitled to get share in the interim profits of the firm on the basis of sales. sales and profit
for the year 2020-21 amounted to ₹32,00,000 and ₹9,60,000. Respectively and sales from
1st April,2021 to 31st may 2021 amounted to ₹6,00,000. The rate of profit to sales remained
constant during these two years. You are required to:
A) Calculate Gagandeep’s share in profit
B) Pass journal entry to record Gagandeep share in profit.
Q.4) Rosy, Lily & Sunflowers are partners in a firm sharing profits & losses in the ratio of
5:3:2. Their books are closed on 31st march every year. Rosy died on 30th September 2020.
Her share of profits up to his date of death is to be Calculated on the basis of sales. Sales for
the year ended 31st march 2020 was 2,00,000 and profit for the same year was 20% on
sales. sales show a growth trend of 10% and the percentage of profit shows reduced trend
of 1%. Find out Rosy share profit & pass the journal entry to record Rosy share of profits.