Q.5. Ashish, Bhola and Chanu were partners in a firm sharing profits and losses in the ratio of 5:3:2. Their books are closed on March 31st every year. Bhola died on 1st August, 2019. The executors of Bhola are entitled to his share of profit up to his date of death on the basis of sales till date of death. Sales for the year ended March 31, 2019 was 720,00,000 and profit for the same year was 74,00,000. Sales show a growth trend of 25% and percentage of profit earning is increased by 4%. Pass necessary Journal Entry for Bhola's share of profit

Q.5. Ashish, Bhola and Chanu were partners in a firm sharing profits and losses in the ratio of 5:3:2. Their books are closed on March 31st every year. Bhola died on 1st August, 2019. The executors of Bhola are entitled to his share of profit up to his date of death on the basis of sales till date of death. Sales for the year ended March 31, 2019 was 720,00,000 and profit for the same year was 74,00,000. Sales show a growth trend of 25% and percentage of profit earning is increased by 4%. Pass necessary Journal Entry for Bhola's share of profit

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 31P

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