33. Total sale 5,00,000and sale for 3 months 1,50,000 calculate sale ratio
a. 3:9
b. 9:3
3:7
d 7:3
Answers
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Class__ts_grewal_vol._i_(2018) for Class 12 Commerce Accountancy Chapter 5 - Retirement Death Of A Partner
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Textbook Solutions Class 12 Accountancy Retirement Death Of A Partner
Class__ts_grewal_vol._i_(2018) Solutions for Class 12 Commerce Accountancy Chapter 5 Retirement Death Of A Partner are provided here with simple step-by-step explanations. These solutions for Retirement Death Of A Partner are extremely popular among Class 12 Commerce students for Accountancy Retirement Death Of A Partner Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the Class__ts_grewal_vol._i_(2018) Book of Class 12 Commerce Accountancy Chapter 5 are provided here for you for free. You will also love the ad-free experience on Meritnation’s Class__ts_grewal_vol._i_(2018) Solutions. All Class__ts_grewal_vol._i_(2018) Solutions for class Class 12 Commerce Accountancy are prepared by experts and are 100% accurate.
Page No 5.100:
Question 73:
A , B and C are partners in a firm sharing profits in the proportion of 3 : 2 : 1 . Their Balance Sheet as at 31st March, 2018 stood as follows :
Sundry Creditors
2,60,000
Cash in Hand
42,500
General Reserve
1,20,000
Cash at Bank
2,14,500
Capital A/cs:
Debtors 1,63,000
A
2,00,000
Stock 17,500
B 1,20,000 Investments 1,32,500
C
80,000
Building 2,10,000
7,80,000
7,80,000
B died on 30th June , 2018 and according to the deed of the said partnership his executors are entitled to be paid as under:
(a) The capital to his credit at the time of his death and interest thereon @ 10% per annum.
(b) His proportionate share of General Reserve.
(c) His share of profits fro the intervening period will be based on the sales during that period. Sales from 1st April, 2018 to 30th June , 2018 were as ₹ 12,00,000. The rate of profit during past three years had been 10% on sales.
(d) Goodwill according to his share of profit to be calculated by taking twice the amount of profits of the last three years less 20% . The profit of the previous three years were: 1st Year: ₹ 82,000; 2nd year: ₹ 90,000; 3rd year ₹ 98,000.
(e) The investments were sold at par and his executors were paid out in full.
Prepare B's Capital Account and his Executors' Account.
ANSWER:
B’s Capital Account
Dr.
Cr.
Particulars
Amount
Rs
Particulars
Amount
Rs
B’s Executor A/c
3,47,000
Balance b/d
1,20,000
Interest on Capital A/c
3,000
General Reserve
40,000
Profit & Loss Suspense A/c
40,000
Goodwill A/c
1,44,000
3,47,000
3,47,000
B’s Executor Account
Dr.
Cr.
Particulars
Amount
Rs
Particulars
Amount
Rs
Bank A/c
3,47,000
B’s Capital A/c
3,47,000
Working Notes:
WN 1: Calculation of Interest on Capital
WN 2: Calculation of Profit Share up-to-death
WN 3: Calculation of share of goodwill