CA Foundation Exam > CA Foundation Questions > A, B and C are partners sharing profits and l...
Start Learning for Free
A, B and C are partners sharing profits and losses in the ratio 2:2:1. C dies on 31st March 2007. The profits of the financial year ending 31st March 2007 is Rs. 64,000. The share of the deceased partner in the profits will be:
- a)Rs. 9,200
- b)Rs. 12,800
- c)Rs. 3,100
- d)Rs. 6,100
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
A, B and C are partners sharing profits and losses in the ratio 2:2:1....
Given data:
- A, B and C are partners sharing profits and losses in the ratio 2:2:1.
- C dies on 31st March 2007.
- The profits of the financial year ending 31st March 2007 is Rs. 64,000.
To find: The share of the deceased partner in the profits.
Solution:
Step 1: Calculate the total profit for the year
Total profit = Rs. 64,000
Step 2: Calculate the share of A and B in the profit
Ratio of A and B's share = 2:2 = 4
Total share of A and B = 4+1 = 5
Share of A = (4/5) * Total profit = (4/5) * Rs. 64,000 = Rs. 51,200
Share of B = (4/5) * Total profit = (4/5) * Rs. 64,000 = Rs. 51,200
Step 3: Calculate the share of C in the profit till his death
As C died on 31st March 2007, his share in the profit will be from 1st April 2006 to 31st March 2007.
Let's assume the year's profit is divided equally into 12 months.
So, C's share in the profit for the year = (1/12) * (1/5) * Total profit = (1/60) * Rs. 64,000 = Rs. 1,066.67
Step 4: Calculate the share of C's legal heir in the profit
As C died, his legal heir will get his share in the profit. As per the Indian Partnership Act, 1932, the legal heir of a deceased partner is entitled to the deceased partner's share in the profits from the date of the last agreed balance sheet till the date of the deceased partner's death.
Here, we are not given the date of the last agreed balance sheet. So, we assume that it is 31st March 2006, i.e. one year before the death of C.
So, C's legal heir's share in the profit = (1/12) * (1/5) * Total profit = (1/60) * Rs. 64,000 = Rs. 1,066.67
Step 5: Calculate the total share of C's legal heir in the profit
Total share of C's legal heir = (C's share till death) + (C's legal heir's share) = Rs. 1,066.67 + Rs. 1,066.67 = Rs. 2,133.34
Therefore, the share of the deceased partner in the profits is Rs. 2,133.34, which is option (B).
- A, B and C are partners sharing profits and losses in the ratio 2:2:1.
- C dies on 31st March 2007.
- The profits of the financial year ending 31st March 2007 is Rs. 64,000.
To find: The share of the deceased partner in the profits.
Solution:
Step 1: Calculate the total profit for the year
Total profit = Rs. 64,000
Step 2: Calculate the share of A and B in the profit
Ratio of A and B's share = 2:2 = 4
Total share of A and B = 4+1 = 5
Share of A = (4/5) * Total profit = (4/5) * Rs. 64,000 = Rs. 51,200
Share of B = (4/5) * Total profit = (4/5) * Rs. 64,000 = Rs. 51,200
Step 3: Calculate the share of C in the profit till his death
As C died on 31st March 2007, his share in the profit will be from 1st April 2006 to 31st March 2007.
Let's assume the year's profit is divided equally into 12 months.
So, C's share in the profit for the year = (1/12) * (1/5) * Total profit = (1/60) * Rs. 64,000 = Rs. 1,066.67
Step 4: Calculate the share of C's legal heir in the profit
As C died, his legal heir will get his share in the profit. As per the Indian Partnership Act, 1932, the legal heir of a deceased partner is entitled to the deceased partner's share in the profits from the date of the last agreed balance sheet till the date of the deceased partner's death.
Here, we are not given the date of the last agreed balance sheet. So, we assume that it is 31st March 2006, i.e. one year before the death of C.
So, C's legal heir's share in the profit = (1/12) * (1/5) * Total profit = (1/60) * Rs. 64,000 = Rs. 1,066.67
Step 5: Calculate the total share of C's legal heir in the profit
Total share of C's legal heir = (C's share till death) + (C's legal heir's share) = Rs. 1,066.67 + Rs. 1,066.67 = Rs. 2,133.34
Therefore, the share of the deceased partner in the profits is Rs. 2,133.34, which is option (B).
Free Test
FREE
| Start Free Test |
Community Answer
A, B and C are partners sharing profits and losses in the ratio 2:2:1....
C's Share of profit till date of death = 64,000*1/5
=Rs.12,800
Hence, option (b)Rs.12,800 is correct
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
A, B and C are partners sharing profits and losses in the ratio 2:2:1. C dies on 31st March 2007. The profits of the financial year ending 31st March 2007 is Rs. 64,000. The share of the deceased partner in the profits will be:a)Rs. 9,200b)Rs. 12,800c)Rs. 3,100d)Rs. 6,100Correct answer is option 'B'. Can you explain this answer?
Question Description
A, B and C are partners sharing profits and losses in the ratio 2:2:1. C dies on 31st March 2007. The profits of the financial year ending 31st March 2007 is Rs. 64,000. The share of the deceased partner in the profits will be:a)Rs. 9,200b)Rs. 12,800c)Rs. 3,100d)Rs. 6,100Correct 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 and C are partners sharing profits and losses in the ratio 2:2:1. C dies on 31st March 2007. The profits of the financial year ending 31st March 2007 is Rs. 64,000. The share of the deceased partner in the profits will be:a)Rs. 9,200b)Rs. 12,800c)Rs. 3,100d)Rs. 6,100Correct 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 and C are partners sharing profits and losses in the ratio 2:2:1. C dies on 31st March 2007. The profits of the financial year ending 31st March 2007 is Rs. 64,000. The share of the deceased partner in the profits will be:a)Rs. 9,200b)Rs. 12,800c)Rs. 3,100d)Rs. 6,100Correct answer is option 'B'. Can you explain this answer?.
A, B and C are partners sharing profits and losses in the ratio 2:2:1. C dies on 31st March 2007. The profits of the financial year ending 31st March 2007 is Rs. 64,000. The share of the deceased partner in the profits will be:a)Rs. 9,200b)Rs. 12,800c)Rs. 3,100d)Rs. 6,100Correct 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 and C are partners sharing profits and losses in the ratio 2:2:1. C dies on 31st March 2007. The profits of the financial year ending 31st March 2007 is Rs. 64,000. The share of the deceased partner in the profits will be:a)Rs. 9,200b)Rs. 12,800c)Rs. 3,100d)Rs. 6,100Correct 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 and C are partners sharing profits and losses in the ratio 2:2:1. C dies on 31st March 2007. The profits of the financial year ending 31st March 2007 is Rs. 64,000. The share of the deceased partner in the profits will be:a)Rs. 9,200b)Rs. 12,800c)Rs. 3,100d)Rs. 6,100Correct answer is option 'B'. Can you explain this answer?.
Solutions for A, B and C are partners sharing profits and losses in the ratio 2:2:1. C dies on 31st March 2007. The profits of the financial year ending 31st March 2007 is Rs. 64,000. The share of the deceased partner in the profits will be:a)Rs. 9,200b)Rs. 12,800c)Rs. 3,100d)Rs. 6,100Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of A, B and C are partners sharing profits and losses in the ratio 2:2:1. C dies on 31st March 2007. The profits of the financial year ending 31st March 2007 is Rs. 64,000. The share of the deceased partner in the profits will be:a)Rs. 9,200b)Rs. 12,800c)Rs. 3,100d)Rs. 6,100Correct answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
A, B and C are partners sharing profits and losses in the ratio 2:2:1. C dies on 31st March 2007. The profits of the financial year ending 31st March 2007 is Rs. 64,000. The share of the deceased partner in the profits will be:a)Rs. 9,200b)Rs. 12,800c)Rs. 3,100d)Rs. 6,100Correct answer is option 'B'. Can you explain this answer?, a detailed solution for A, B and C are partners sharing profits and losses in the ratio 2:2:1. C dies on 31st March 2007. The profits of the financial year ending 31st March 2007 is Rs. 64,000. The share of the deceased partner in the profits will be:a)Rs. 9,200b)Rs. 12,800c)Rs. 3,100d)Rs. 6,100Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of A, B and C are partners sharing profits and losses in the ratio 2:2:1. C dies on 31st March 2007. The profits of the financial year ending 31st March 2007 is Rs. 64,000. The share of the deceased partner in the profits will be:a)Rs. 9,200b)Rs. 12,800c)Rs. 3,100d)Rs. 6,100Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice A, B and C are partners sharing profits and losses in the ratio 2:2:1. C dies on 31st March 2007. The profits of the financial year ending 31st March 2007 is Rs. 64,000. The share of the deceased partner in the profits will be:a)Rs. 9,200b)Rs. 12,800c)Rs. 3,100d)Rs. 6,100Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up
within 7 days!
within 7 days!
Takes less than 10 seconds to signup