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Subjects
Class 12AccountancyReconstitution - Retirement or Death of a PartnerDeceased Partner’s ShareMedium
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Up to the date of a partner’s death, the firm’s profit is ₹1,00,000. If the deceased partner’s share in profit is 20%, what amount of profit will be credited to the deceased partner’s account?

Answer and explanation

Correct answer: ₹20,000

The deceased partner’s share of profit = ₹1,00,000 × 20/100 = ₹20,000. Therefore, ₹20,000 will be credited to the deceased partner’s account. The other amounts correspond to 10%, 15% and 25%, not 20%. Exam tip: calculate a percentage share by multiplying the total profit by the percentage and dividing by 100.

Related tags

AccountancyPartnership AccountsPartner DeathDeceased Partner ShareProfit SharingPercentage CalculationDeceased Partner’s ShareDeceased Partner S Share
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10 more MCQs
  1. 1A, B and C share profits in the ratio 5:3:2. C retires. What is C’s old profit-sharing share?
  2. 2The deceased partner's share is 4/15. The firm's goodwill is ₹2,25,000. How much will be credited for goodwill to the deceased partner's executor?
  3. 3Goodwill is valued at ₹252,000 and the deceased partner’s share is 5/18. How much goodwill will be credited to the deceased partner’s executor?
  4. 4Why is the deceased partner’s goodwill share credited to the Executor’s Account?
  5. 5In partnership accounting, what does the amount due to a deceased partner refer to?
  6. 6To whom is the deceased partner’s share usually paid?
  7. 7Which of the following items is included while calculating the amount due to a deceased partner?
  8. 8To whom is the deceased partner’s share of profit earned up to the date of death paid?
  9. 9Why is the deceased partner’s share calculated?
  10. 10If the deceased partner's Capital Account has a credit balance of ₹1,00,000 on the date of death, will it be included in the amount due to the deceased partner?
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