Kanak, Kamal and Kanha are partners in a firm. Their fixed capitals were ₹5,00,000, ₹10,00,000 and ₹15,00,000 respectively. They share profits in the ratio of their fixed capitals. Firm closes its books of accounts on 31st March every year. Kanak died on 30th September, 2021, Kanak’s share of profit till the date of death from the last Balance Sheet date, was to be calculated on the basis of sales. Sales and Profit for the year 2020-21 were ₹20,00,000 and ₹2,00,000 respectively. Sales from 1st April, 2021 to 30th September, 2021 were ₹6,00,000.
- Calculate Kanak’s share of profit
- Pass necessary Journal Entry to record Kanak’s share of profit.
Marks-3, CBSE:2022-23/Zone-3/Set-1/Q-17