Question

5. Sharma, Gautam and Goyal are partners in a firm. On 1st April, 2019 the balance in their capital accounts
were as follows:
Sharma 8,00,000; Gautam 8,40,000 and Goyal 7,40,000. Firm closes its accounts every year on 3154
March. Gautam died on 30th September, 2019. In the event of death of any partner following are the
provisions in the Partnership Deed:
Interest on Capital will be calculated at the rate of 10% p.a.
(ii) The deceased partner's legal representative will be paid 70,000 for his share of goodwill.
(iii) Firm had a Reserve Fund of 7 4,20,000. The deceased partner will be paid his share in the Reserve
Fund
(iv) His share of profit till the date of death will be calculated on the basis of sales. It is also specified that
the sales during the year 2018-19 were 30,00,000. The sales from 1st April, 2019 to 30th September,
2019 were 16,00,000. The profit of the firm for the year ending 31st March, 2019 was 36,00,000.
Show the amounts to be paid to the deceased partner's executor.​

Answer 1

Answer:

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