Question : Ram Mohan and Anil were partners in a firm sharing profits in a 2:2:1 ratio. The firm closes its books on 31st March every year. Mohan died on 24-8-2017. On Mohan’s death, the goodwill of the firm was valued at Rs.75,000. The partnership deed provided that on the death of a partner, his share in the profits of the firm in the year of his death will be calculated on the basis of last year’s profit. The profit of the firm for the year ended 31-3-2017 was Rs.2,00,000. Q. Mohan’s share of profit till the time of his death will be -------------
Option 1: Rs 16,000
Option 2: Rs 8,000
Option 3: Rs 32,000
Option 4: None of the above
Correct Answer: Rs 32,000
Solution : Answer = Rs 32,000
Mohan's Share of profit = ${2,00,00}\times\frac{2}{5}\times\frac{146}{365}$ = 32000 Hence, the correct option is 3.
Question : Ram Mohan and Anil were partners in a firm sharing profits in a 2:2:1 ratio. The firm closes its books on 31st March every year. Mohan died on 24-8-2017. On Mohan’s death, the goodwill of the firm was valued at Rs.75,000. The partnership deed provided that on
Question : Ram Mohan and Anil were partners in a firm sharing profits in a 2:2:1 ratio. The firm closes its books on 31st March every year. Mohan died on 24-8-2017. On Mohan’s death, the goodwill of the firm was valued at Rs.75,000. The partnership deed provided that on the
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Question : L, M and R were partners sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on March 31 every year. On June 30, 2017, R died. The following information is provided on R’s death:
(i) Balance in his capital account in the beginning of the
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