Question
X, Y & Z are partners in a firm sharing profit/loss in the ratio of 2:2:1. On March 31,2019, Z died. Accounts are closed on
X, Y & Z are partners in a firm sharing profit/loss in the ratio of 2:2:1. On March 31,2019, Z died. Accounts are closed on Dec.,31 every year. The sales for the year 2018 was OMR 600,000 and the profits were OMR 60,000. The sales for the period from Jan.1, 2019 to March 31,2019 were OMR 200,000. The share of deceased partner in the current years profits on the basis of sales is:
a.
OMR 8,000
b.
OMR 3,000
c.
OMR 20,000
d.
OMR 4,000
__________________________________________________________________-
The legal representatives of the deceased partner are entitled to receive:
a.
None of these are correct
b.
Share of goodwill of the firm
c.
Notice to discontinue the firm
d.
Agreement at the time of joining
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started