Question

on 31st march, 2018, the balance sheet of p, q and r who were partners in a firm, was as under: liabilities sundry creditors employee's provident fund employee's compensation reserve contingency reserve capitals: p q/r 15,000 10,000 10,000 assets 21,000 buildings 4,000 investment debtors bills receivable stock cash 8,000 12,000 26,000 15,000 15,000 6,000 12,000 6,000 4,000 8,720 1:5 35,000 80,000 80,000 the partnership deed provides that the profits be shared in the ratio of 2/1 / 1 and that in the event of death of any partner, his executors will be entitled to be paid out : (a) the capital to his credit at the date of last balance sheet, (b) his proportion of reserve at the date of last balance sheet; (c) his proportion of profits to the date of death based on the average profits of the last three completed years, plus 10 * 0/a and (d) by way of goodwill, his proportion of the total profits for the three preceding years. (e) the net profit for the last three years ending 31st march were: 2016 2017 2018 716, 000; 716, 000 15,400 r died on 1st july, 2018. he had withdrawn 5,000 to the date of his death. the investments were sold at par and r's executors were paid off. prepare partners capital account and balanc sheet of p q and r.


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