Question

awings ? 100
e profit of las
= 12.000
e based on the
1 (3) Working
to the date of
Goodwill of the firm=1,80,000/.
(Modified October, 1995)
Ambalal. Babulal and Kaluram sharing profits and losses as 7:5 : 4 had the
following Balance Sheet:
Balance Sheet as on 31" March, 2020.
Liabilities
Amt (5)
Assets
Amt (3
Payable
2,350 Cash at Bank
21,850
Creditor
5,450 Bills Receivable
950
14,200 Debtors
16,250
Reserve Fund
16,000 Stock
9,550
Capitals:
Furniture
2,000
22,000 Machinery
6,800
30,600
Babulal
Building
16,000
Balaram
12,000
88,000
88,000
12.000/
October, 1999
a losses in the
Sheet was
1.000
Kaluram died on 14 July, 2020 and the following adjustments were agreed as
per deed:
Goodwill is to be valued at two times the average profit for the last four years which were:
2016-17 = 6.400:
2017-18 = ? 4,000 loss,
2018-19 = 17,600
and 2019-20 = * 20.000.
Kaluram's share in the profit up to the date of his death is to be calculated on the basis of
the average for the last three years.
Building and Machinery are to be revalued at 44,000 and 7 5,400 respectively,
000
50.000
1.45.000
Kaluram is entitled to a salary of 700 a month.
interest on capital is to be @ 10% p.a.
Kaluran's drawings from 1 April, 2020 upto his death were 7 600 per month​

Answer 1

Answer:

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