Capitals: Manoj Sanjay Vinod Reserve Fund Cresditors 30,000 Patents 10,000 Debtors 20,000 Stock 9,000 BINS Bocolvable 3000 Casha Bank 72,000 15,000 18,000 2,000 10,000 27,000 72,000 Vinod died od Ist August, 2020 and the following adjustments were agreed: (1) 1/5 of patent to be written ofl. (2) Unrecorded creditors amounted 7500. (3) Stock revalued at 2,500. (9) Allow 129 interest on capital, (9) The goodwill of the firm is to be valued at 2 years purchase of average profit of last 4 years. The profits were: Rs. 24,000 for 2019-20, Rs. 18,000 for 2018-19, Rs. 22,000 for 2017-18 and Rs. 26,000 for 2016-17 (6) The deceased partner's share of profit upto the date of bis death should be based on the average profit of last 2 years. Prepare, (1) Profit and Loss Adjustment A/c (2) Vinod's Capital A/c (3) Worlding for share of
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Explanation:
Capitals: Manoj Sanjay Vinod Reserve Fund Cresditors 30,000 Patents 10,000 Debtors 20,000 Stock 9,000 BINS Bocolvable 3000 Casha Bank 72,000 15,000 18,000 2,000 10,000 27,000 72,000 Vinod died od Ist August, 2020 and the following adjustments were agreed: (1) 1/5 of patent to be written ofl. (2) Unrecorded creditors amounted 7500. (3) Stock revalued at 2,500. (9) Allow 129 interest on capital, (9) The goodwill of the firm is to be valued at 2 years purchase of average profit of last 4 years. The profits were: Rs. 24,000 for 2019-20, Rs. 18,000 for 2018-19, Rs. 22,000 for 2017-18 and Rs. 26,000 for 2016-17 (6) The deceased partner's share of profit upto the date of bis death should be based on the average profit of last 2 years. Prepare, (1) Profit and Loss Adjustment A/c (2) Vinod's Capital A/c (3) Worlding for share of