Question

Chapter 7 - Death of a Partner 7.39
Arun, Bhim and Nakul are partners in a firm sharing profits in the ratio of 1:1:3. Their Capital Accounts
showed the following balances on 1st April, 2017:
Arun-72,00,000; Bhim-1.50,000 and Nakul_34,50,000.
Firm doses its accounts every year on 31st March. Bhim died on 31st March, 2018. As per the Partnership
Deed his legal heirs were entitled to:
Interest on capital will be allowed from the first of day of the accounting year till the date of his death
@ 10% pa
The deceased partner's share in the Goodwill of the firm will be calculated on the basis of 2 years
purchase of the average profit of the last three years. The profits of the firm for the last three years
ended 31st March, were: 2016-3 90,000; 2017- 2,00,000 and 2018- 1,60,000
His share of Profits till the Date of Death: The profit of the firm for the year ended 31st March, 2018 was
*1,60,000 before providing for interest on capital. Bhim's Executor was paid the sum due in two equal
annual instalment with interest @ 10% p.a.
Prepare Bhim's Capital Account as on 31st March, 2018 to be presented to his executor and his Executor's
Loan Account for the year ending 31st March, 2019 and 31st March, 2020.
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Answer 1

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