Question

be presented to her executors.
(Delhi 2015)
28. On 31st March, 2014, the Balance Sheet of Pooja, Qureshi and Ross, who were partners in a firm was as under:
₹
Liabilities
₹
Assets
Sundry Creditors
Reserve Fund
Capital A/cs: Pooja
2,50,000
2,00,000
Qureshi
Ross
1,50,000
1,00,000
1,00,000
Building
Investment
Qureshi's Loan
Debtors
Stock
Cash
2,60,000
1,10,000
1,00,000
1,50,000
1,20,000
60,000
8,00,000
3,50,000
8,00,000
Qureshi died on 1st July, 2014. The profit-sharing ratio of the partners was 2:1:1. On the death of a partner,
the Partnership Deed provided for the following:
(1) His share in the profits of the firm till the date of his death will be calculated on the basis of average
profits of last three completed years.
(ii) Goodwill of the firm will be calculated on the basis of total profit of last two years.
(iii) Interest on loan given by the firm to a partner will be charged at the rate of 6% p.a. or 4,000,
whichever is more.
(iv) Profits for the last three years were 45,000; 48,000 and 33,000.​

Answer 1

Answer:

wt man no answers,,

Answer 2

Preparation of Qureshi's Capital A/c

Explanation:

Working Notes:-

1. Calculation of Qureshi's Share of Goodwill :

Goodwill = 48,000 + 33,000

               = 81,000

Qureshi's Share of Goodwill = 81,000 x $\frac{1}{4}$

                                               = 20,250

 Gaining Ratio - Pooja :  Ross

                            2 : 1

 Amount debited to Pooja's Capital A/c = 20,250 x $\frac{2}{3}$ = 13,500

 Amount debited to Ross's Capital A/c = 20,250 x $\frac{1}{3}$ = 6,750

2. Calculation of Qureshi's share of loss till the date of his death :

Average Profit of last 3 years = $\frac{45,000 + 48,000 + 33,000}{3}$

                                                 = 42,000

Qureshi's share of loss till the date of his death  = 42000 × $\frac{1}{4}$ × $\frac{3}{12}$

                                                                                 = 2,625

   Pls refer to the pic below for the Preparation of Qureshi's Capital A/c