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Class 12AccountancyReconstitution - Retirement or Death of a PartnerDeceased Partner’s ShareExpert
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A partnership firm’s estimated annual profit is ₹7,56,000. For calculating the deceased partner’s profit up to the relevant date, what amount should be taken as the profit for one month?

Answer and explanation

Correct answer: ₹63,000

One month’s estimated profit = Annual profit × 1/12 = ₹7,56,000 × 1/12 = ₹63,000. Therefore, option A is correct. The other amounts result from using incorrect fractions or multiples. In the examination, divide annual profit by 12 to obtain monthly profit; the deceased partner’s actual share must then be calculated using the partner’s profit-sharing ratio.

Related tags

Partnership AccountsDeceased PartnerProfit CalculationMonthly ProfitRetirement Or DeathDeceased Partner’s ShareDeceased Partner S ShareReconstitution Retirement Or Death Of A Partner
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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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