Question

35. Aman, Naman and Raman were partners in a firm sharing profits and losses in the ratio of 2:2 : 1. On
31st March, 2020 their Balance Sheet was as follows:
La
Liabilities
Crei
Emp
Capital A/cs:
Gen
Inve
Cap
Naman's Executor was paid the sum due immediately. Prepare Naman's Capital Accounts to be presented
Assets
Fixed Assets
14,00,000
4,00,000
Stock
8,00,000
Aman
3,00,000
Debtors
7,00,000
Naman
7,00,000
Cash at Bank
5,00,000 20,00,000
Raman
50,000 Advertisement Suspense A/c (Deferred Revenue) 50,000
Workmen Compensation Reserve
General Reserve
2,00,000
Employees' Provident Fund
1,00,000
Creditors
5,00,000
28,50,000
28,50,000
Naman died on 30th June, 2020. According to the Partnership Deed, his legal heirs were entitled to:
(a) Balance in his Capital Account.
(b) His share of goodwill will be calculated on the basis of thrice the average of the past 4 years' profits.
(c) His share in profits up to the date of death on the basis of average profits of the last two years.
(d) Interest on capital @ 12% p.a.up to the date of his death.
The firm's profits for the last four years ended 31st March, were:
2017: 2,40,000;2018: 4,00,000; 2019: 5,20,000 and 2020: 4,40,000.
to his legal heirs.​

Answer 1

Answer:

200000

Explanation:

35000000-49000000

=5000000 is answer of this question