Question

4.(i) Following is the Balance Sheet of Gold, Silver and Bronze as at 31st
March, 2018 :
Liabilities
Rs. Assets
Rs.
Sundry Creditors
50,000 Land & Building
2,00,000
Reserve Fund
60,000 Plant & Machinery
80,000
Capital A/cs:
Stock
60,000
Gold
1,60,000
Sundry Debtors
80,000
Silver
1,00,000
Cash at Bank
30,000
Bronze
90,000 3,50,000 Cash in hand
10,000
4,60,000
4,60,000
Bronze died on 15th July, 2018. Under the terms of Partnership Deed, the
executors of Bronze were entitled to :
(a) Amount standing to the credit of Bronze's captial.
(b) Interest on capital @ 6% p.a.
(c) Bronze's salary @ Rs. 1000 p.m.
(d) Share of profits from the closing of the last financial year to the date of
death on the basis of the last year's profits of Rs. 1,20,000.
Profits were shared in the ratio of 3: 2:01
The new profit sharing ratio between Gold and Silver will be 2:1 in the new
firm.
Show Bronze's Capital Account and Bronze's Executor's Account.​

Answer 1

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