Question

M/S Aman Private Ltd. was situated in Mumbai. it has two groups of
Directors. for some reason there is a dispute that arose between the two
groups. out of which one group controlled the majority of shares. that’s why
A very serious situation arose in the administration of the company's affairs
when the minority group ousted the lawful Board of Directors from the
possession and control of the management of the company's factory and
workshop. Books of account and statutory records were held by the minority
group and consequently, the annual accounts could not be prepared for two
years. The majority group applied to the Company Law Board under
sections 397 and 398 of the Companies Act.

Answer 1

Answer:

X, Y and Z were sharing profits/losses in the ratio of 4:3:1. Y died ina car accident on 12 June 2021. As per the agreement, on death of a partner, his share of profit is to be calculated on the basis of average profit of last 4 years irrespective of profit or loss in the current year. Source: Ultimate Book of Accountancy X and Z decided to share future profits in the ratio of 3:2. Profits/loss for the last 4 years were as follows: