Question

Abhi, Aaj and Kal were partners in a firm sharing profits in the ratio of 3: 2: 1. Their Balance Sheet on 31st March 2019 was as follows:- Liabilities Amount Assets Amount Creditors 7.000 Cash 5.000 Reserve 7.500 Debtor 12.000 Capital A/C Stock 3,000 Abhi 20.000 Patents 500 Aaj 10.000 Machinery 16,000 Kal 10.000 Building 18,000 54,500 54,500 Abhi died on September 30, 2019. According to the deed, his legal representatives are entitled to: Goodwill to be valued at 2 year's purchase of the average profits of the previous 4 years which were Rs. 5,800, Rs. 6.000, Rs. 8,000 and Rs. 1.800(loss). (2) Patents be valued at Rs. 300; Machinery Rs. 14.000 and Building Rs. 20,200. (3) Interest on capital is provided at 8% PA. Abhi is to allowed a salary of Rs 500 pm (5) Abhi withdraw Rs 600 per month in the beginning of each month Interest on drawing 12% PA (6) Profits for the year 2019 be taken as accrued at the same rate as that of previous(LAST) year Pass necessary journal entries​

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Answer:

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