Question

Do it Yourself
On December 31, 2015, the Balance Sheet of Pinki, Qureshi and Rakesh showed
as under:
Dec
Balance Sheet as on March 31, 2007
Liabilities
Assets
Amount
(Rs.)
Amount
(Rs.)
25,000
20.000
Sundry Creditors
Reserve Fund
Capitals:
Pinki
Qureshi
Rakesh
Buildings
Investments
Debtors
Bills Receivables
Stock
Cash
15,000
10.000
10.000
26.000
15.000
15.000
6.000
12.000
6.000
35,000
80,000
80.000
The partnership deed provides that the profit be shared in the ratio of 2:1:1 and
that in the event of death of a partner, his executors be entitled to be paid out:
(a) The capital of his credit at the date of last Balance Sheet.
(b) His proportion of reserves at the date of last Balance Sheet.
(c) His proportion of profits to the date of death based on the average profits of
the last three completed years, plus 10%, and
(d) By way of goodwill, his proportion of the total profits for the three preceding
years. The net profit for the last three years were :
(Rs.)
2013
16,000
2014
16.000
2015
15.400
Rakesh died on April 1, 2015. He had withdrawn Rs.5.000 to the date of his
death. The Investment were sold at par and R's Executors were paid off. Prepare
Rakesh's Capital Account that of his executors.​

Answer 1

Answer:

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