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A, B, C are partners sharing profits in the ratio 1:1:2. C died on 30th June 2006 and profits for the accounting year ended on 31st December 2006 were Rs. 24,000. How much share in profits will be credited to C’s Account.
- a)Rs. 12,000
- b)Rs. 6,000
- c)Rs. 24,000
- d)Rs. 3,000
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
A, B, C are partners sharing profits in the ratio 1:1:2. C died on 30t...
As per the given information, the profit-sharing ratio of A, B, and C is 1:1:2.
This means that out of every 4 parts of profit, C is entitled to 2 parts.
Since C died on 30th June 2006, he is entitled to the share of profit for the period from 1st January 2006 to 30th June 2006.
The accounting year ends on 31st December 2006, which means that the total profit for the year includes the profit for the period from 1st January 2006 to 30th June 2006 as well as the profit for the period from 1st July 2006 to 31st December 2006.
Let us assume that the profit for the period from 1st January 2006 to 30th June 2006 is x.
Then, the profit for the period from 1st July 2006 to 31st December 2006 is (24000-x).
Now, we know that C is entitled to 2 parts out of every 4 parts of profit.
Therefore, C's share in the profit for the period from 1st January 2006 to 30th June 2006 is (2/4)x = (1/2)x.
And, C's share in the profit for the period from 1st July 2006 to 31st December 2006 is (2/4)(24000-x) = (1/2)(24000-x).
Therefore, C's total share in the profit for the accounting year ended on 31st December 2006 is (1/2)x + (1/2)(24000-x) = 12000.
Hence, C's share in profits will be credited with Rs. 12,000.
This means that out of every 4 parts of profit, C is entitled to 2 parts.
Since C died on 30th June 2006, he is entitled to the share of profit for the period from 1st January 2006 to 30th June 2006.
The accounting year ends on 31st December 2006, which means that the total profit for the year includes the profit for the period from 1st January 2006 to 30th June 2006 as well as the profit for the period from 1st July 2006 to 31st December 2006.
Let us assume that the profit for the period from 1st January 2006 to 30th June 2006 is x.
Then, the profit for the period from 1st July 2006 to 31st December 2006 is (24000-x).
Now, we know that C is entitled to 2 parts out of every 4 parts of profit.
Therefore, C's share in the profit for the period from 1st January 2006 to 30th June 2006 is (2/4)x = (1/2)x.
And, C's share in the profit for the period from 1st July 2006 to 31st December 2006 is (2/4)(24000-x) = (1/2)(24000-x).
Therefore, C's total share in the profit for the accounting year ended on 31st December 2006 is (1/2)x + (1/2)(24000-x) = 12000.
Hence, C's share in profits will be credited with Rs. 12,000.
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A, B, C are partners sharing profits in the ratio 1:1:2. C died on 30th June 2006 and profits for the accounting year ended on 31st December 2006 were Rs. 24,000. How much share in profits will be credited to C’s Account.a)Rs. 12,000b)Rs. 6,000c)Rs. 24,000d)Rs. 3,000Correct answer is option 'B'. Can you explain this answer?
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A, B, C are partners sharing profits in the ratio 1:1:2. C died on 30th June 2006 and profits for the accounting year ended on 31st December 2006 were Rs. 24,000. How much share in profits will be credited to C’s Account.a)Rs. 12,000b)Rs. 6,000c)Rs. 24,000d)Rs. 3,000Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A, B, C are partners sharing profits in the ratio 1:1:2. C died on 30th June 2006 and profits for the accounting year ended on 31st December 2006 were Rs. 24,000. How much share in profits will be credited to C’s Account.a)Rs. 12,000b)Rs. 6,000c)Rs. 24,000d)Rs. 3,000Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A, B, C are partners sharing profits in the ratio 1:1:2. C died on 30th June 2006 and profits for the accounting year ended on 31st December 2006 were Rs. 24,000. How much share in profits will be credited to C’s Account.a)Rs. 12,000b)Rs. 6,000c)Rs. 24,000d)Rs. 3,000Correct answer is option 'B'. Can you explain this answer?.
A, B, C are partners sharing profits in the ratio 1:1:2. C died on 30th June 2006 and profits for the accounting year ended on 31st December 2006 were Rs. 24,000. How much share in profits will be credited to C’s Account.a)Rs. 12,000b)Rs. 6,000c)Rs. 24,000d)Rs. 3,000Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A, B, C are partners sharing profits in the ratio 1:1:2. C died on 30th June 2006 and profits for the accounting year ended on 31st December 2006 were Rs. 24,000. How much share in profits will be credited to C’s Account.a)Rs. 12,000b)Rs. 6,000c)Rs. 24,000d)Rs. 3,000Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A, B, C are partners sharing profits in the ratio 1:1:2. C died on 30th June 2006 and profits for the accounting year ended on 31st December 2006 were Rs. 24,000. How much share in profits will be credited to C’s Account.a)Rs. 12,000b)Rs. 6,000c)Rs. 24,000d)Rs. 3,000Correct answer is option 'B'. Can you explain this answer?.
Solutions for A, B, C are partners sharing profits in the ratio 1:1:2. C died on 30th June 2006 and profits for the accounting year ended on 31st December 2006 were Rs. 24,000. How much share in profits will be credited to C’s Account.a)Rs. 12,000b)Rs. 6,000c)Rs. 24,000d)Rs. 3,000Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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ample number of questions to practice A, B, C are partners sharing profits in the ratio 1:1:2. C died on 30th June 2006 and profits for the accounting year ended on 31st December 2006 were Rs. 24,000. How much share in profits will be credited to C’s Account.a)Rs. 12,000b)Rs. 6,000c)Rs. 24,000d)Rs. 3,000Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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