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Class 12AccountancyReconstitution - Retirement or Death of a PartnerDeceased Partner’s ShareExpert
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If a deceased partner’s estimated annual share of profit is ₹8,64,000, what will be the share of profit for the first 10 months of the accounting year?

Answer and explanation

Correct answer: ₹7,20,000

Assuming that profit accrues evenly throughout the year, the share for 10 months is ₹8,64,000 × 10/12 = ₹7,20,000. Option B, ₹6,48,000, represents the amount for 9 months, while option D is the full-year share. Exam tip: For a deceased partner’s profit share, divide the annual share by 12 and multiply it by the number of months up to the date of death.

Related tags

Deceased PartnerProfit SharingTime ProportionPartnership AccountsAccounting YearDeceased 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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