Question

Assets
Amount
Capital Accounts
Rohit
Rahul
Hardik
Bills Payable
Creditors
Bank Loan
Q.9 Rohit, Rahul, and Hardik were sharing profit and losses in the ratio of 7:5:4 respectively. Their Balance Sheet as on
314 March 2017 was as follows. Balance sheet as on 31" March 2017
Liabilities
Amount
Stock
30,000
50,000 Furniture
40,000
30,000 Land and Building
25,000
20,000 Bank
72,000
5,000
10,000
20,000
General Reserve
32,000
1,67,000
1,67,000
Mr. Hardik died on 30th June 2017 and the following adjustment were agreed as per deed.
1. Stock, Furniture and Land & Building are to be revalued at Pó. 28,000, Rs. 35,000, Rs. 40,000 respectively.
2. Hardik share in Goodwil! is to be valued from firm's goodwill which was valued at three times of the average profit of
last four years Profits of the last four years :: Rs. 50,000, 1! Rs. 60,000,1!! Rs. 40,000, IV Rs. 70,000.
B. His Profit up to the death is to be calculated on the basis of profit of last year.
Hardik was entitled to get a salary of Rs. 2,000 per month.
5. Interest on Capital at 10% paid to be allowed.
. Hardik drawing up to the date of death was Rs. 1000 per month.
Prepare : Hardik Capital Account showing amount payable to his executor. Give working notes for share of Goodv.ill and Profit.​

Answer 1

Answer:

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