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P, Q and R are sharing profits in the ratio of 2:2:1. Z dies on April 2019. Sales for the year 2019 amount to 6,00,000 out of which sales of 2,00,000 amounted between the period from 1-1-2019 to 1-4-2019. The profit for the year amounted to 60,000. Calculate the deceased partner’s share in the profits of the firm?
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P, Q and R are sharing profits in the ratio of 2:2:1. Z dies on April ...
Calculation of Sales and Profit for the year 2019:
Given:
Sales for the year 2019 = ₹6,00,000
Sales from 1-1-2019 to 1-4-2019 = ₹2,00,000
Profit for the year = ₹60,000
To determine the deceased partner's share in the profits, we need to calculate the total profit for the year and then allocate it based on the profit-sharing ratio.
Step 1: Calculate the sales for the remaining period of the year:
Sales from 1-4-2019 to 31-12-2019 = Total sales for the year - Sales from 1-1-2019 to 1-4-2019
Sales from 1-4-2019 to 31-12-2019 = ₹6,00,000 - ₹2,00,000 = ₹4,00,000
Step 2: Calculate the total profit for the year:
Profit for the year = Total sales for the year - Cost of goods sold - Other expenses
₹60,000 = ₹6,00,000 - Cost of goods sold - Other expenses
We need more information to determine the cost of goods sold and other expenses. Let's assume that the cost of goods sold and other expenses are equal and denoted by C.
₹60,000 = ₹6,00,000 - 2C
2C = ₹6,00,000 - ₹60,000
2C = ₹5,40,000
C = ₹2,70,000
Step 3: Calculate the profit for the remaining period of the year:
Profit from 1-4-2019 to 31-12-2019 = Total profit for the year - Profit from 1-1-2019 to 1-4-2019
Profit from 1-4-2019 to 31-12-2019 = ₹60,000 - Profit from 1-1-2019 to 1-4-2019
We need to determine the profit-sharing ratio to calculate the profit for the remaining period.
Step 4: Calculate the profit-sharing ratio:
The profit-sharing ratio is given as 2:2:1 for partners P, Q, and R respectively.
Step 5: Calculate the deceased partner's share in the profits:
To calculate the deceased partner's share in the profits, we need to determine the total profit for the remaining period and then allocate it based on the profit-sharing ratio.
Total profit from 1-4-2019 to 31-12-2019 = Profit from 1-4-2019 to 31-12-2019 / (P's share + Q's share + R's share)
Total profit from 1-4-2019 to 31-12-2019 = (₹60,000 - Profit from 1-1-2019 to 1-4-2019) / (2+2+1)
Now, substitute the values to calculate the deceased partner's share in the profits.
Given:
Sales for the year 2019 = ₹6,00,000
Sales from 1-1-2019 to 1-4-2019 = ₹2,00,000
Profit for the year = ₹60,000
To determine the deceased partner's share in the profits, we need to calculate the total profit for the year and then allocate it based on the profit-sharing ratio.
Step 1: Calculate the sales for the remaining period of the year:
Sales from 1-4-2019 to 31-12-2019 = Total sales for the year - Sales from 1-1-2019 to 1-4-2019
Sales from 1-4-2019 to 31-12-2019 = ₹6,00,000 - ₹2,00,000 = ₹4,00,000
Step 2: Calculate the total profit for the year:
Profit for the year = Total sales for the year - Cost of goods sold - Other expenses
₹60,000 = ₹6,00,000 - Cost of goods sold - Other expenses
We need more information to determine the cost of goods sold and other expenses. Let's assume that the cost of goods sold and other expenses are equal and denoted by C.
₹60,000 = ₹6,00,000 - 2C
2C = ₹6,00,000 - ₹60,000
2C = ₹5,40,000
C = ₹2,70,000
Step 3: Calculate the profit for the remaining period of the year:
Profit from 1-4-2019 to 31-12-2019 = Total profit for the year - Profit from 1-1-2019 to 1-4-2019
Profit from 1-4-2019 to 31-12-2019 = ₹60,000 - Profit from 1-1-2019 to 1-4-2019
We need to determine the profit-sharing ratio to calculate the profit for the remaining period.
Step 4: Calculate the profit-sharing ratio:
The profit-sharing ratio is given as 2:2:1 for partners P, Q, and R respectively.
Step 5: Calculate the deceased partner's share in the profits:
To calculate the deceased partner's share in the profits, we need to determine the total profit for the remaining period and then allocate it based on the profit-sharing ratio.
Total profit from 1-4-2019 to 31-12-2019 = Profit from 1-4-2019 to 31-12-2019 / (P's share + Q's share + R's share)
Total profit from 1-4-2019 to 31-12-2019 = (₹60,000 - Profit from 1-1-2019 to 1-4-2019) / (2+2+1)
Now, substitute the values to calculate the deceased partner's share in the profits.
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P, Q and R are sharing profits in the ratio of 2:2:1. Z dies on April 2019. Sales for the year 2019 amount to 6,00,000 out of which sales of 2,00,000 amounted between the period from 1-1-2019 to 1-4-2019. The profit for the year amounted to 60,000. Calculate the deceased partner’s share in the profits of the firm?
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P, Q and R are sharing profits in the ratio of 2:2:1. Z dies on April 2019. Sales for the year 2019 amount to 6,00,000 out of which sales of 2,00,000 amounted between the period from 1-1-2019 to 1-4-2019. The profit for the year amounted to 60,000. Calculate the deceased partner’s share in the profits of the firm? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about P, Q and R are sharing profits in the ratio of 2:2:1. Z dies on April 2019. Sales for the year 2019 amount to 6,00,000 out of which sales of 2,00,000 amounted between the period from 1-1-2019 to 1-4-2019. The profit for the year amounted to 60,000. Calculate the deceased partner’s share in the profits of the firm? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for P, Q and R are sharing profits in the ratio of 2:2:1. Z dies on April 2019. Sales for the year 2019 amount to 6,00,000 out of which sales of 2,00,000 amounted between the period from 1-1-2019 to 1-4-2019. The profit for the year amounted to 60,000. Calculate the deceased partner’s share in the profits of the firm?.
P, Q and R are sharing profits in the ratio of 2:2:1. Z dies on April 2019. Sales for the year 2019 amount to 6,00,000 out of which sales of 2,00,000 amounted between the period from 1-1-2019 to 1-4-2019. The profit for the year amounted to 60,000. Calculate the deceased partner’s share in the profits of the firm? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about P, Q and R are sharing profits in the ratio of 2:2:1. Z dies on April 2019. Sales for the year 2019 amount to 6,00,000 out of which sales of 2,00,000 amounted between the period from 1-1-2019 to 1-4-2019. The profit for the year amounted to 60,000. Calculate the deceased partner’s share in the profits of the firm? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for P, Q and R are sharing profits in the ratio of 2:2:1. Z dies on April 2019. Sales for the year 2019 amount to 6,00,000 out of which sales of 2,00,000 amounted between the period from 1-1-2019 to 1-4-2019. The profit for the year amounted to 60,000. Calculate the deceased partner’s share in the profits of the firm?.
Solutions for P, Q and R are sharing profits in the ratio of 2:2:1. Z dies on April 2019. Sales for the year 2019 amount to 6,00,000 out of which sales of 2,00,000 amounted between the period from 1-1-2019 to 1-4-2019. The profit for the year amounted to 60,000. Calculate the deceased partner’s share in the profits of the firm? in English & in Hindi are available as part of our courses for CA Foundation.
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P, Q and R are sharing profits in the ratio of 2:2:1. Z dies on April 2019. Sales for the year 2019 amount to 6,00,000 out of which sales of 2,00,000 amounted between the period from 1-1-2019 to 1-4-2019. The profit for the year amounted to 60,000. Calculate the deceased partner’s share in the profits of the firm?, a detailed solution for P, Q and R are sharing profits in the ratio of 2:2:1. Z dies on April 2019. Sales for the year 2019 amount to 6,00,000 out of which sales of 2,00,000 amounted between the period from 1-1-2019 to 1-4-2019. The profit for the year amounted to 60,000. Calculate the deceased partner’s share in the profits of the firm? has been provided alongside types of P, Q and R are sharing profits in the ratio of 2:2:1. Z dies on April 2019. Sales for the year 2019 amount to 6,00,000 out of which sales of 2,00,000 amounted between the period from 1-1-2019 to 1-4-2019. The profit for the year amounted to 60,000. Calculate the deceased partner’s share in the profits of the firm? theory, EduRev gives you an
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