Home
Class 12
ACCOUNTS
What journal entry will be recorded for...

What journal entry will be recorded for deceased partner's share in profit from the closure of last balance sheet till the date of his death?

A

Profit and Loss A/c `" "` Dr.
To Deceased Partner's Capital A/c

B

Deceased Partner's Capital A/c `" " ` Dr.
To Profit and Loss A/c

C

Deceased Partner's Capital A/c `" " ` Dr.
To Profit and Loss Supense A/c

D

Profit and Loss Supense A/c `" " ` Dr.
To Deceased Partner's Capital A/c

Text Solution

Verified by Experts

The correct Answer is:
D
Promotional Banner

Topper's Solved these Questions

  • REDEMPTION OF DEBENTURES

    DK GOEL|Exercise MCQ|6 Videos

  • WRITING OFF DISCOUNT/LOSS ON ISSUE OF DEBENTURES

    DK GOEL|Exercise ILLUSTRATION 4.|1 Videos

Similar Questions

Explore conceptually related problems

Following is the Balance Sheet of Prateek, Rockey and Kushal as on March 31, 2017. Rockey died on June 30, 2017. Under the terms of the partnership deed, the executors of a deceased partner were entitled to: a) Amount standing to the credit of the Partner’s Capital account. b) Interest on capital at 5% per annum. c) Share of goodwill on the basis of twice the average of the past three years’ profit and d) Share of profit from the closing date of the last financial year to the date of death on the basis of last year’s profit. Profits for the year ending on March 31, 2015, March 31, 2016 and March 31, 2017 were Rs. 12,000, Rs. 16,000 and Rs. 14,000 respectively. Profits were shared in the ratio of capitals. Pass the necessary journal entries and draw up Rockey’s capital account to be rendered to his executor.

Puneet, Pankaj and Pammy are partners in a business sharing profits and losses in the ratio of 2 : 2 : 1 respectively. Their balance sheet as on March 31, 2017 was as follows: Mr. Pammy died on September 30, 2017. The partnership deed provided the following: (i) The deceased partner will be entitled to his share of profit up to the date of death calculated on the basis of previous year’s profit. (ii) He will be entitled to his share of goodwill of the firm calculated on the basis of 3 years’ purchase of average of last 4 years’ profit. The profits for the last four financial years are given below: The drawings of the deceased partner up to the date of death amounted to Rs. 10,000. Interest on capital is to be allowed at 12% per annum. Surviving partners agreed that Rs. 15,400 should be paid to the executors immediately and the balance in four equal yearly instalments with interest at 12% p.a. on outstanding balance. Show Mr. Pammy’s Capital account, his Executor’s account till the settlement of the amount due.

DK GOEL-RETIREMENT OR DEATH OF A PARTNER-Multiple Choice Questions
  1. At the time of retirement of a partner, profit on revaluation will be ...

    Text Solution

    |

  2. What journal entry will be recorded for writing off the goodwill alrea...

    Text Solution

    |

  3. What journal entry will be recorded for deceased partner's share in p...

    Text Solution

    |

  4. On retirement of a prtner, goodwill will be credited to the Capital Ac...

    Text Solution

    |

  5. On the death of a partner, the amount due to him will be credited to :

    Text Solution

    |

  6. How goodwill is recorded on the retirement of a partner ?

    Text Solution

    |

  7. A, B and C partners in 3: 4:2 B wants to retire from the firm. The pro...

    Text Solution

    |

  8. A, B and C are partners sharing profits in the ratio of 5:2:1. If the ...

    Text Solution

    |

  9. P, Q and R are partners sharing profits in the ratio of 5:4:3. Q retir...

    Text Solution

    |

  10. A, B and C are partners sharing profits in the ratio of 1//2: 1//4: 1/...

    Text Solution

    |

  11. A, B and C are partners sharing profits in the ratio of 1//4:3//10: 9/...

    Text Solution

    |

  12. X, Y and Z have been sharing profits in the ratio of 4:2:1 Z retires. ...

    Text Solution

    |

  13. P, Q and R have been sharing profits and losses in the ratio of 5:3:2....

    Text Solution

    |

  14. A, B and C share profits and losses of the firm equally. B retires fro...

    Text Solution

    |

  15. P, Q and R have been sharing profits in the ratio of 8:5:3. P retire...

    Text Solution

    |

  16. A, B and C are equal partners. C retires. He surrenders 3//5th of his ...

    Text Solution

    |

  17. P, Q and R partners sharing profits in the ratio of 4:3:2. Q retires a...

    Text Solution

    |

  18. L, P and G are three partners sharing profit in the ratio 15:9:8. G Re...

    Text Solution

    |

  19. On 1st April, 2019 A , B and C were partners sharing profits and losse...

    Text Solution

    |

  20. B, P and L sharing profits in the ratio 4:3:2. B retires, P and L deci...

    Text Solution

    |