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Dear Student
Ratio of profit to sales = (100000 /1000000) x 100 = 10%
Sales from april to 30th June 2020 = 150000
Profit on the basis of above ratio calculated = 150000 x 10% = 15000
C's share in profit from april to june 2020 = 15000 x 1/5 = 3000
Journal Entry
Regards
Ratio of profit to sales = (100000 /1000000) x 100 = 10%
Sales from april to 30th June 2020 = 150000
Profit on the basis of above ratio calculated = 150000 x 10% = 15000
C's share in profit from april to june 2020 = 15000 x 1/5 = 3000
Journal Entry
Date | Particulars | Amount (Dr) | Amount (Cr) |
Profit &Loss Suspense A/c Dr | 3000 | ||
To C's Capital A/c | 3000 | ||
(C's share credited till his death to his capital a/c ) |
Regards