On 31" March 2015 the Balance Sheet of Punit, Rahul and Seema was as follow Balance Sheet of Punit, Rahul and Seema
as at 31 March, 2015
Liabilities Amount (RS) Assets Capitals:
Punt Rahul Seema
Reserves Creditors
50.000 50.000 30.000
Total
Buildings
Machinery
Patents
1.40 000 Stock
20.000 14.000 1.74.000
Cash
Amount (Rs.) 40 000
60.000 12.000
20.000
42.000
Total 1,74.000
They were sharing profit and loss in the ratio 5:3 2. Seema died on 1" October, 2015. It was agreed between her executors and the remaining
partners that
Goodwill be valued at 2 years' purchase of the average profits of the previous five years, which were 2010 -11: Rs. 30.000; 2011-12. Rs.26,000 2012-13 Rs 24,000 2013-14: Rs.30.000 and
2014-15 Rs 40.000
) Patents be valued at Rs 16,000, Machinery at Rs.56, 000, Building a R$ 60,000 Profit for the year 2015-16 be taken an having been accrued at the same rate as that in the previous year
(v) Interest on capital be provided at 10% pa
(v) A sum of Rs.15.500 was paid to her executors immediately
Prepare Revaluation Account Seema's Capital Accounts and Seema's Executor's Account.
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so it yourself.........
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