Question

l,M&N are partners sharing profits and losses in the ratio 5:3:2. There balance sheet as as at 1/4/2015 was as under:

Liabilities: in Rs.
Reserves: 9000
sundry creditors 20000
l's capital 50000
M's capital 30000
N's capital 20000
Total 129000
Assets
cash 8000
Debtors 22000
stock 20000
Machinary 67000
Investments 12000
Total 129000
N died on 5 November 2015 and according to the partnership deed his executor was entitled to be paid as under:
a) the capital to his credit at the time of his death
and interest thereon @8%p.a.
b) his share of reserve
c) his share of profit for the intervening period will be based on the sales during that period which were calculated as Rs. 240000. The rate of profit during past 4 years had been 15% on sales
d) Goodwill according to his share of profit to be calculated by taking thrice the amount of the average profit of the last 4 years less 25% , The profit of past four years:
2012 Rs 10500
2013 Rs 12000
2014 Rs 12500
2015 Rs 13000
The investments were sold at par and his executors was paid out. pass the necessary journal entries and make the executor's account​

Answer 1

Answer:

go to hell

Explanation:

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