Question

Manoj and Saroj were partners in a firm sharing profits in 4:1 ratio, Manoj died three months after the date of the last Balance Sheet. According to the partnership deed legal representative of the deceased partner were entitled to the following payments:
(i) His capital 1,50,000 as per the last Balance Sheet.

(ii) Interest on capital e 12% per annum upto the date of death.
(iii) His share of profits to the date of death calculated on the basis of the average profit of last 3 years. The net profit of the last 3 years were 100000,150000 and 200000? Journalize.​

Answer 1

Answer:

ANSWER

Share of karan

 Particulars Amount capital 2,00,000 Interest 

(200000*73/365)*12%       4800 Goodwill share

(60000*2/5)    24000 profit share

(500000*73/365)*2/5    40000 General reserve

(150000*2/5)   60000 Total 328800

Days till date of karan death ( 31/3/2017-12/6/2017)

30+31+12=73