Question

Anu Banu and charan are partners in a firm, sharing profits and losses equally. Their balance sheet as on 31-03-2013 is given below:

Liabilities

Creditors

General Reserve

Anu's capital Banu's capital

Charan's capital

Rs Rs

20,000

15,000 10,000

RS 15,000 13,000

45,000

73,000

Assets Plant and

Machinery Furniture and

Fixtures

Stock

Debtors Investments

Cash

Rs Rs

20,000

5,000 13,000

15,000 10,000

10,000 73,000

Anu died on 1-7-2013. The partnership deed provides that the representative of the deceased partner shall be entitled to:

a) Deceased partner's capital as appearing on the last balance sheet.

b) Interest on capital at 6% p.a. c) Share of accured profit, based on the average of last 3 years profit. Profits for the

last 3 years were Rs 65,000, R$ 64,000 and Rs 69,000.

d) Share in the general reserve. e) Interest on her drawings amounted to Rs 200.

f) Anu's drawings up to the date amounted to Rs 8,000. Ascertained the amount payable to the Anu's executors.​

Answer 1

Answer:

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