Question

On 31st March, 2014, the Balance Sheet of Pooja, Qureshi and Ross, who were partners in a firm was as under:
resented to her executors.
(Delhi 2015)
Prepare
X
abilities
undry Creditors
Reserve Fund
Capital A/cs: Pooja
₹ Assets
₹
2,50,000 Building
2,60,000
2,00,000 Investment
1,50,000
1,10,000
Qureshi's Loan
1,00,000
Qureshi
1,00,000
Debtors
1,50,000
Ross
1,00,000 3,50,000 Stock
1,20,000
Cash
60,000
8,00,000
8,00,000
Qureshi died on 1st July
, 2014. The profit-sharing ratio of the partners was 2:1:1. On the death of a partner,
the Partnership Deed provided for the following:
(1) His share in the profits of the firm till the date of his death will be calculated on the basis of average
profits of last three completed years.
(ii
) Goodwill of the firm will be calculated on the basis of total profit of last two years.
(ii) Interest on loan given by the firm to a partner will be charged at the rate of 6% p.a. or 4,000,
whichever is more.
(iv) Profits for the last three years were * 45,000;*48,000 and 33,000.
(Delhi 2015)
Prepare Qureshi's Capital Account to be rendered to his executors.
firma died on 21st March 2018 and the Balance Sheet of the firm on that​

Answer 1

Answer:

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