{"id":132501,"date":"2023-02-27T11:58:41","date_gmt":"2023-02-27T06:28:41","guid":{"rendered":"https:\/\/www.mapsofindia.com\/my-india\/?p=132501"},"modified":"2023-02-27T11:58:41","modified_gmt":"2023-02-27T06:28:41","slug":"nirmala-divisha-and-sara-were-partners-in-a-firm-sharing-profits-and-losses-in-the-343-books-were-closed-on-31st","status":"publish","type":"post","link":"https:\/\/www.mapsofindia.com\/my-india\/education\/nirmala-divisha-and-sara-were-partners-in-a-firm-sharing-profits-and-losses-in-the-343-books-were-closed-on-31st","title":{"rendered":"Nirmala, Divisha and Sara were partners in a firm sharing profits and losses in the 3:4:3. Books were closed on 31st&#8230;"},"content":{"rendered":"<h2>Question : Nirmala, Divisha and Sara were partners in a firm sharing profits and losses in the 3:4:3. Books were closed on 31st March every year. Sara died on 1st February, 2022. As per the partnership deed Sara&#8217;s executors are entitled to her share of profit till the date of death on the basis of Sales turnover. Sales for the year ended 31st March 2021 was \u20b9 10,00,000 and profit for the same year was \u20b9 1,20,000. Sales show a positive trend of 20% and percentage of profit earning is reduced by 2%. Journalise the transaction along with the working notes<\/h2>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4>The correct answer is \u2013<\/h4>\n<p>Journal Entry<br \/>\nDate Particulars L.F. Dr. Amount Cr. Amount 3<br \/>\n1.02.22 Profit and Loss Suspense A\/c Dr.<br \/>\nTo Sara\u2019s Capital A\/c<br \/>\n(Being Sara\u2019s share of profit allowed till<br \/>\nthe date of her death)<br \/>\n30,000<br \/>\n30,000<br \/>\nWorkings: Profit % to sales turnover for the year ended 31st<br \/>\nMarch,2021=1,20,000\/10,00,000 X100= 12%<br \/>\nEstimated sales for the year ended 31st March,2022=\u20b9 10,00,000+20% of \u20b9 10,00,000 = \u20b912,00,000<br \/>\nEstimated sales till 01st February,2022 = \u20b9 12,00,000 x 10\/12 = \u20b9 10,00,000<br \/>\nProfit percentage 12-2=10%<br \/>\nProfit amount till 01st February, 2022 = 10% of \u20b9 10,00,000 = \u20b9 1,00,000<br \/>\nSara\u2019s share of profit till 1st February,2022= 1,00,000 X 3 = \u20b9 30,000<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Question : Nirmala, Divisha and Sara were partners in a firm sharing profits and losses in the 3:4:3. Books were closed on 31st March every year. Sara died on 1st February, 2022. As per the partnership deed Sara&#8217;s executors are entitled to her share of profit till the date of death on the basis of [&hellip;]<\/p>\n","protected":false},"author":21842,"featured_media":131888,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":{"0":"post-132501","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\/132501","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\/21842"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/comments?post=132501"}],"version-history":[{"count":1,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/132501\/revisions"}],"predecessor-version":[{"id":132502,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/132501\/revisions\/132502"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media\/131888"}],"wp:attachment":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media?parent=132501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/categories?post=132501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/tags?post=132501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}