Question

Chapter 7 Death of a Partner 7.37
Assets
2,00,000
1,50,000
36,000
14,000
general Reserve
Building
Machinery
Furniture
Investment (Market Value 86,000)
Debtors
Cash at Bank
Advertisement Suspense
200,000
3,00,000
1,10,000
1,00,000
B0.000
1,90,000
1,20,000
Capital Alcs
3,00,000
2,50,000
1,50,000
7,00,000
11,00,000
11,00,000
died on 1st October, 2019 and Y and Z decide to share future profits in the ratio of 7:5. It was agreed
Goodwill of the firm be valued at 2 years' purchase of average of four completed years profit
which were:
2015-16
2016-17
2017-18
2018-19
1,70,000
1,80,000
1,90,000
1,80,000
Xs share of profit from the closure of last accounting year till date of death be calculated on the basis
of last year's profit.
Building undervalued by2,00,000; Machinery overvalued by + 1,50,000 and Furniture overvalued
by? 46.000
A provision of 5% be created on Debtors for Doubtful Debts.
Interest on Capital to be provided at 10% pa.
Half of the net amount payable to X's executor was paid immediately and the balance was transferred
to his loan account which was to be paid later.
Prepare Revaluation Account, X's Capital Account and Xs Executor's Account as on 1st October, 2019.
Note Firm enjoys bank overdraft facility.
30th line 201
37. X Y and Z were partners in a firrn sharing profits and losses in the 5 4:3. Their Balance Sheet on
31st March, 2019 was as follows:
Employees' Provident Fund
Investment Fluctuation Reserve
between his executors and the remaining partners that:​

Answer 1

Answer:

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