Question : Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3: 2: 2. On 23rd January 2015 Verma died. Verma's share of profit till the date of his death was calculated at Rs.2,350.
Option 1: Debited profit and loss suspense account By Rs 2,350
Option 2: Credited profit and loss account by Rs 2,350
Option 3: Debited profit and loss appropriation account Rs 2,350
Option 4: Credited profit an d loss appropriation account Rs 2,350
Correct Answer: Debited profit and loss suspense account By Rs 2,350
Solution : Answer = Debited profit and loss suspense account By Rs 2350 Profit and loss suspense a/c Dr. 2350 To Verma's capital a/c 2350. Hence, the correct option is 1.
Question : Sanjay, Ajay and Karan were partners sharing profits in the ratio of 3: 2: 1. Karan died on 31st July, 2020. Sanjay and Karan 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
Question : Raman, Daman and Karan were partners sharing profits in the ratio of 3: 2: 1. Daman died on 30th June 2020. Raman and Karan decided to continue the business. Share of profit o loss of the deceased partner from the beginning of the year up to the date of death was to be
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