{"id":121413,"date":"2022-05-17T16:05:10","date_gmt":"2022-05-17T10:35:10","guid":{"rendered":"https:\/\/www.mapsofindia.com\/my-india\/?p=121413"},"modified":"2022-05-17T16:05:10","modified_gmt":"2022-05-17T10:35:10","slug":"harihar-hemang-and-harit-were-partners-with-fixed-capitals-of-%e2%82%b9300000-%e2%82%b9-200000-%e2%82%b9-100000-respectively-they-shared-profits-in-the-ratio-of-their-fixed-capitals-harit","status":"publish","type":"post","link":"https:\/\/www.mapsofindia.com\/my-india\/education\/harihar-hemang-and-harit-were-partners-with-fixed-capitals-of-%e2%82%b9300000-%e2%82%b9-200000-%e2%82%b9-100000-respectively-they-shared-profits-in-the-ratio-of-their-fixed-capitals-harit","title":{"rendered":"Harihar, Hemang and Harit were partners with fixed capitals of \u20b93,00,000, \u20b9 2,00,000 &#038; \u20b9 1,00,000 respectively. They shared profits in the ratio of their fixed capitals. Harit died on 31st May, 2020, whereas the firm closes its books of accounts on 31st March every year. According to their partnership deed, Harit\u2019s representatives would be entitled to get share in the interim profits of the firm on the basis of sales. Sales and profit for the year 2019-20 amounted to \u20b98,00,000 and \u20b92,40,000 respectively and sales from 1st April, 2020 to 31st May 2020 amounted to \u20b9 1,50,000. The rate of profit to sales remained constant during these two years. You are required to: (i) Calculate Harit\u2019s share in profit. (ii) Pass journal entry to record Harit\u2019s share in profit."},"content":{"rendered":"<h2>Harihar, Hemang and Harit were partners with fixed capitals of<br \/>\n\u20b93,00,000, \u20b9 2,00,000 &amp; \u20b9 1,00,000 respectively. They shared profits<br \/>\nin the ratio of their fixed capitals. Harit died on 31st May, 2020,<br \/>\nwhereas the firm closes its books of accounts on 31st March every<br \/>\nyear. According to their partnership deed, Harit\u2019s representatives<br \/>\nwould be entitled to get share in the interim profits of the firm on the<br \/>\nbasis of sales. Sales and profit for the year 2019-20 amounted to<br \/>\n\u20b98,00,000 and \u20b92,40,000 respectively and sales from 1st April, 2020<br \/>\nto 31st May 2020 amounted to \u20b9 1,50,000. The rate of profit to sales<br \/>\nremained constant during these two years. You are required to:<br \/>\n(i) Calculate Harit\u2019s share in profit.<br \/>\n(ii) Pass journal entry to record Harit\u2019s share in profit.<\/h2>\n<h3>Answer.<br \/>\n(i) Ratio of Profit to sales= 2,40,000\/8,00,000 X 100 = 30%<br \/>\nProfit upto the date of death= 1,50,000 X 30% = \u20b945,000<br \/>\nProfit sharing Ratio = 3:2:1<br \/>\nHarit\u2019s Share of Profit = 45,000 X 1\/6 = \u20b97,500<br \/>\nAlternative: Harit\u2019s Share of Profit = 2,40,000\/8,00,000 X 1,50,000 X 1\/6=\u20b97,500<\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-121374 size-full\" src=\"https:\/\/www.mapsofindia.com\/ci-moi-images\/my-india\/2022\/05\/6-38.png\" alt=\"\" width=\"654\" height=\"113\" srcset=\"https:\/\/www.mapsofindia.com\/ci-moi-images\/my-india\/2022\/05\/6-38.png 654w, https:\/\/www.mapsofindia.com\/ci-moi-images\/my-india\/2022\/05\/6-38-150x26.png 150w, https:\/\/www.mapsofindia.com\/ci-moi-images\/my-india\/2022\/05\/6-38-300x52.png 300w\" sizes=\"auto, (max-width: 654px) 100vw, 654px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Harihar, Hemang and Harit were partners with fixed capitals of \u20b93,00,000, \u20b9 2,00,000 &amp; \u20b9 1,00,000 respectively. They shared profits in the ratio of their fixed capitals. Harit died on 31st May, 2020, whereas the firm closes its books of accounts on 31st March every year. According to their partnership deed, Harit\u2019s representatives would be [&hellip;]<\/p>\n","protected":false},"author":21830,"featured_media":121365,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":{"0":"post-121413","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-education"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/121413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/users\/21830"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/comments?post=121413"}],"version-history":[{"count":1,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/121413\/revisions"}],"predecessor-version":[{"id":121414,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/121413\/revisions\/121414"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media\/121365"}],"wp:attachment":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media?parent=121413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/categories?post=121413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/tags?post=121413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}