Sarthaks Test
0 votes
1.7k views
in Accounts by (64.1k points)

Ram, Manohar and Joshi were partners in a firm. Joshi died on 31st May, 2016. His share of profit from the closure of the last accounting year till the date of death was to be calculated on the basis of the average of three completed years of profits before death. Profits for the years ended 31st March, 2014, 2015 and 2016 were Rs.7,000; Rs.8,000 and Rs.9,000 respectively. Calculate Joshi’s share of profit till his death and pass necessary Journal entry for the sam.

1 Answer

0 votes
by (106k points)
selected by
 
Best answer

Joshi's profit share ( from April 01 to may 31,2016) 

Related questions

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...