Multiple Choice Questions on A B and C are partners in a firm sharing profit loss in the ratio of 2 2 1 On March 31 2019 C died A........... for Commerce 12th Preparation

Back to Main Page

Multiple Choice Questions

A B and C are partners in a firm sharing profit loss in the ratio of 2 2 1 On March 31 2019 C died A...........

    Download Solution PDF

    A, B and C are partners in a firm sharing profit/loss in the ratio of 2 : 2 : 1. On March 31, 2019, C died. Accounts are closed on Dec., 31 every year. The sales for the year 2018 was Rs6,00,000 and the profits were Rs60,000. The sales for the period from Jan. 1, 2019 to March 31, 2019 were Rs2,00,000. The share of deceased partner in the current year’s profits on the basis of sales is :

    Rs20,000

    Incorrect Answer

    Rs8,000

    Incorrect Answer

    Rs3,000

    Incorrect Answer

    Rs4,000

    Correct Answer
    छोटे Courses बड़े Results
    Master
    Prepare through Micro-courses
    Try Now
    Explanation:

    - The total sales for 2018 were Rs 6,00,000 and profits were Rs 60,000.

    - This results in a profit margin of 10% (Rs 60,000 / Rs 6,00,000).

    - For 2019, till March 31, the sales were Rs 2,00,000.

    - Applying the same profit margin of 10%, the profits for this period would be Rs 20,000 (10% of Rs 2,00,000).

    - C's share of profits, based on the ratio of 2 : 2 : 1, is (1/5) of Rs 20,000.

    - Therefore, C's share is Rs 4,000.

    Correct Answer: Option 4 - Rs 4,000

    By: santosh
    ProfileResources

    Let's Discuss

    Master
    With abhipedia
    Micro Courses
    Try Now
    What our students have to say
    Review on us
    Download Abhipedia Android App

    Access to prime resources

    Downlod from playstore
    download android app download android app for free