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Class 12AccountancyReconstitution - Retirement or Death of a PartnerDeceased Partner’s ShareExpert
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If the firm’s estimated annual profit is ₹4,68,000, what will be the deceased partner’s time-proportionate share of profit for the 7 months up to the date of death?

Answer and explanation

Correct answer: ₹2,73,000

The time-proportionate profit is calculated as: Annual profit × Number of completed months ÷ 12. Therefore, ₹4,68,000 × 7/12 = ₹2,73,000. Option B represents six months, while option C represents eight months. In such questions, always divide the elapsed months by 12 before applying the annual profit.

Related tags

Partnership AccountsRetirement Of PartnerDeath Of PartnerDeceased Partner ProfitTime ProportionAccounting NumericalsDeceased 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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