2. Pavan, Madan and Suman were partners sharing profits 2:1:1. Their balance sheet as on 31.3.2017 was as under:
Balance Sheet as on 31-03-2017
Assets
25,000
20,000
Cash
Stock
Debtors
Investments
Buildings
Liabilities
Sundry Creditors
Reserve Fund
Capitals
Pavan
Madan
Suman
15,000
10,000
10,000
& losses in the ratio of
₹
6,000 12,000
15,000
15,000
32,000
80,000
35,000
The partnership deed provides that in the event of death of partner, his executors entitled to get the followings:
(a) The Capital at the date of last Balance Sheet (b) His proportion of reserve fund.
(c) His share of profit to the date of death based on the average profits of the last three years profits.
(d) His share of goodwill. Goodwill of the firm is twice the average profit of last 3 years profits, the profits for the last three years were: 2014-15 16,000, 2015-16 216,000, and 2016-17 *15,520. Suman died on July 1, 2017. He had also with drawn 5000 till to the date of
his death.
Prepare
(Ans: Amount transfered to Suman's Executors A/c: 18,910)
Suman's Capital and her Executors Account.
80,000
Pls guys help me l need the solution
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wronglyfdq feel atdate of last Balance Sheet (b) His proportion of reserve fund.
(c) His share of profit to the date of death based on the average profits of the last three years profits.
(d) His share of goodwill. Goodwill of the firm is twice the average profit of last 3 years profits, the profits for the last three years were: 2014-15 16,000, 2015-16 216,000, and 2016-17 *15,520. Suman died on July 1, 2017. He had also with drawn 5000 till to the date of
his death.
Prepare
(Ans: Amount transfered to Suman's Executors A/c: 18,910)
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