Question

(Foreign 2012)
Preparation of the Capital Accounts and Balance Sheet
29. Partnership Deed of Cand D, who are equal partners, has a clause that any partner may retire from the firm
on the following terms by giving a six-month notice in writing:
The retiring partner shall be paid-
(a) the amount standing to the credit of his Capital Account and Current Account.
(b) his share of profit to the date of retirement, calculated on the basis of the average profit of the three
preceding completed years.
(c) half the amount of the goodwill of the firm calculated at 1/2 times the average profit of the three
preceding completed years.
C gave a notice on 31st March, 2019 to retire on 30th September, 2019, when the balance of his Capita
Account was 6,000 and his Current Account (Dr.) * 500. Profits for the three preceding completed year
ended 31st March, were: 2017- 2,800;2018–2,200 and 2019–1,600.
Determine the amount due to Cas per the partnership agreement.​

Answer 1

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Answer 2

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