Question

Chapter 5: Reconstitution of Partnership
(Death of Partner)
Q.8. Abe, Joy and Rozy were partners in a business sharing profits and losses in the ratio of 4:1:1 respectively.
Balance Sheet as on 31 Mar, 2019
Liabilities
Amount
Amount
Assets
Capital A/c:
Abe
Joy
Rozy
Creditors
Bills Payable
Plant and Machinery
30,000 Furniture
15,000 Debtors
20,000 Stock
12,000 Cash
6,000 Profit and Loss A/C
50,000
10,000
7,000
3,000
1,000
12,000
83,000
83,000
Joy died on 31st August, 2019 and the partnership deed provided that:
The deceased partner to be given his share of profit to the date of his death on the basis of the average
profit of the previous 5 years which is 324,000.
His share of goodwill amounted to 3,000 which was written off by remaining partners.
Plant and Machinery to be revalued at 52,000 and Furniture to be depreciated by * 1,000.
y Reserve for doubtful debts of 3 400 to be created.
V The drawings of Joy upto date of his death amounted to 3,000.
w Interest on capital at 10% is to be allowed and * 100 to be charged on drawings.
Prepare Joy's Capital Account showing the amount payable and Goodwill Account.
ratap were
artners sharing profits and losses in the ratio of their capitals.​

Answer 1

Explanation:

please write this question in proper manner .

Answer 2

Answer:

not allowed

explanation