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Class 12AccountancyReconstitution - Retirement or Death of a PartnerDeceased Partner’s ShareExpert
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While calculating the deceased partner’s profit up to the date of death, if the firm’s annual profit is ₹12,00,000 and the relevant period is 6 months, what will be the profit for that period?

Answer and explanation

Correct answer: ₹6,00,000

Profit up to the date of death is calculated in proportion to the part of the year that has elapsed: ₹12,00,000 × 6/12 = ₹6,00,000. Therefore, option A is correct. ₹3,00,000 would represent only three months’ profit, whereas six months is half of the year. Exam tip: Profit up to death = Annual profit × elapsed months/12.

Related tags

Deceased PartnerProfit Up To DeathInterim ProfitRetirement Or DeathProfit CalculationAccountancyDeceased 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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