12. Akash, Anil and Adarsh are partners sharing profits & losses in the ratio of 3:2:1. Their capitals as on 1-4-2019 were Rs. 70,000, Rs. 90,000 and Rs. 60,000 respectively. Akash died on 31-12-2019 & the partnership deed provided the following: Interest on Akash's capital at 8% p.a. b. Akash's salary Rs. 2,000 p.m. His share of accrued profit upto the date of death based on previous year's profit. Firm's profit for 2018-2019 Rs. 24,000 d. His share of goodwill Rs. 12,000. C. Prepare Akash's Executor's Account.
Answers
Answer:
Journal entries: 1. Revaluation A/c Dr. 15000
To Stock A/c 15000
(Being Value of stock to be reduced to Rs. 1,25,000) 2. Revaluation A/c Dr. 25000
To machinery A/c 25000
(Being Value of machinery to be decreased by 10%) 3. Land and Building A/c Dr. 62000
To Revaluatio
Answer:
Akash's Executor's Account.
Explanation:
An executor is a person named in a will to represent the estate of the person who created the will (the "testator") after their passing.
The legal personal representative of a decedent's estate is called an executor. Only when the testator dies does the appointment of an executor take effect.
The executor of the will has the right to resign or decline the job when the testator passes away, and in that case, must promptly notify the probate court.
In order to close out the deceased's personal affairs, the executor "steps into the shoes" of the deceased and is endowed with identical rights and authority.
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