Identify the basis on which share of Profit or Loss of deceased partner is calculated from the date of last balance sheet to the date of death of that partner. (
This question was previously asked in
Shift 30/05/2023 8:30 AM - 10:30 AM
A
Time Basis
B
Sales Basis
C
Either Time Basis or Sales Basis
D
Product basis
Correct Answer
Either Time Basis or Sales Basis
Detailed Explanation
The correct answer is:
(3) Either Time Basis or Sales Basis
The share of profit or loss of a deceased partner from the date of the last balance sheet to the date of death can be calculated either on a time basis or a sales basis, depending on the agreement or terms specified in the partnership deed.
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