Question

Pawan,Prem and Poonam were partners in a firm sharing profits in the ratio of 2:1:2. Their fixed capitals were RS.2,00,000, RS.1,50,000 and 2,00,000 respectively. The firm closses its books on 31st March every year. On 31.03.2006 Prem died. The executor of a deceased partner according to the agreement was entitled for the following:

(i) Interest on capital from the first day of the accounting year till the date of his death @ 10% p.a.

(ii) His share of goodwill - The goodwill of the firm for the on Prem's death was valued at RS.3,00,000.

Answer 1

Answer:

The total amount payable to the estate of the deceased partner will be                  = 3,00,000.

Question : Pawan, Prem and Poonam were partners in a firm sharing profits in the ratio of 2:1:2.

Explanation:

From the above question,

They have given :

The profit for the year 2005-06 was RS.7,00,000

The share of Pawan and Poonam will be in the ratio of 4:3, respectively.

Therefore, Pawan will get a share of 4/7 x 7,00,000

                                                            = 4,00,000 and

Poonam will get a share of 3/7 x 7,00,000

                                                             = 3,00,000.

1). Interest on capital from the first day of the accounting year till the date of his death @ 10% p.a.

10% p.a. is payable to the estate of the deceased partner.

Therefore, the interest payable to the estate of Prem will be,

                        = (1,50,000 x 10 x (365/365))/100

                        = 1,50,000.

2). His share of goodwill - The goodwill of the firm for the on Prem's death was valued at RS.3,00,000.

Therefore, his share of goodwill will be,

                           = (1,50,000 x 3,00,000)/4,50,000

                           = 1,50,000.

Hence, the total amount payable to the estate of the deceased partner will be                = 1,50,000 + 1,50,000

                          = 3,00,000.

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