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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Q.5. Ashish, Bhola and Chanu were partners in a firm sharing
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education