Question

Following is the balance sheet of Tony, Sony and Romy as on March 31. 2003:

Liabilities

Sundry Creditors General Reserve

Capital Accounts:

Tony Sony

Romy

Total

Amount

16,000 16,000

Assets

Bills Receivable

Furniture Stock

Sundry debtors

Cash at Bank 70,000 Cash in Hand

1,02,000

Total

30.000

20,000 20,000

Amount

16.000

22,600

20,400

22.000

18,000 3,000

1,02,000

Sony died on June 30, 2003. Under the terms of the partnership deed, the executors of a

deceased partner were entitled to: (a) Amount standing to the credit of the partner's capital account.

(b) Interest on capital at 5% per annum.

(c) Share of goodwill on the basis of twice the average of the past three years' profit, and (d) Share of profit from the closing of the last financial year to the date of death on the

hasis of the last three year's profit. Profits for 2001, 2002 and 2003 were 12,000, 16,000 and 14.000 respectively. Profits were shared in the ratio of capitals. Record the necessary journal entries and draw up the

Sony's Account to be rendered to his executors.​

Answer 1

Answer:

balance sheet of Tony, Sony and Romy as on March 31, 2003 Sony died on June 30, ... Amount standing to the credit of t he partner's capital account. ... Share of goodwill on the basis of twice the average of the past three years profit ... Profit for 2001, 2002, 2003 were Rs 12000, Rs 16000 and Rs 10000.

Explanation:

Answer 2

Explanation:

i dont know what is the jorunal entries