Question

lom work
12/5
Q2. X, Y and Z are partners sharing profits and losses in the ratio of 2:2:1. Their capital balances on
01.04.2018 stood at 390,000, 360,000 and 40,000 respectively. Y died on 01.01.2018 partnership deed
provides the following:
a) Interest on capital at 10% p.a.
b) Salary to Y 32,000 per month
c) Y's share in Goodwill
d) His share of profit up to the date of death on the basis of previous year's profit.
1)
Total goodwill of the firm is 54,000
Profit of the firm for the year 2017-18 is 30,000
You are required to ascertain the amount payable to Executors of Y by preparing Executor's Account.
S4,000 X​

Answer 1

Answer:

Calculation of share in credit balance of reserve Total credit Balance of Reserves = general reserve + WCF = 1,80,000 +24,000 = 2,04,000 2. Calculation of share in debit balance of profit and loss A/C Note: Emplyment 'provident fund will not distributed as it is a liability and not accumulated profit.Read more on Sarthaks.com - https://www.sarthaks.com/109823/x-y-and-z-are-partners-in-a-firm-sharing-profits-and-losses-in-the-ratio-of-3-2-1

Explanation:

hpe it helps you friend