Question

Q No. 5) Rahul, Rohr and Ram are partners sharing profit and Losses in the ratio
5:32 respectively. Their balance sheet as on 31" March 2018 was as follows.
Balance Sheet as on 31" March, 2018
Liabilities
Amount
Assets
Amount
General Reserve
25,000 Goodwill
50,000
Creditors
1,00,000 Loos Tools
50,000
Unpaid Rent
25,000 Debtors
1,50,000
Capital Accounts
Live Stock
1,00,000
Rahul
1,00,000 Cash
25,000
Rohit
75,000
Ram
50,000
Total
3,75,000
Total
3,75,000
Ram died on 31 July, 2018 and the following Adjustment were agreed by as per
partnership deed.
1) Creditors have increased by 10,000
2) Goodwill is to be calculated at 2 years purchase of average profits of 5 year.
3) The profits of the preceding 5 years was -
2014
Rs. 90,000
2015
Rs. 1,00,000
2016
Rs. 60,000
2017
Rs, 50,000
2018 Rs. 50,000 (Loss) Ram Share in it was to be given to him.
4) Loose Tools and live stock were valued at Rs. 80,000 and Rs. 1,20,000
respectively.
5) R.D.D was maintained at Rs. 10,000.
6) Commission Rs. 2,000 p.m.was payable to Ram Profit for 2018-19 was
estimated at Rs. 45,000 and Ram's share in it up to the date of death was
given to him,
Prepare :-Profit and Loss Adjustment A/C, Ram's Capital A/C, showing the
amount payable to his executor's. Give working of Profit and Goodwill.​

Answer 1

Answer:

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