Question

R, Sand T were partners sharing profits and losses in the proportion 1/2, 1/3 and 1/6

respectively. T expired on 31st May, 2017. The partnership agreement provided that :

(a) Interest on Capital to be allowed at 12% p.a.

(b) T to be credited with salary ofRs. 18,000 p.a.

(c) On the death of any partner, his heir will receive in addition to balance of capital

A/ c :

(i) Salary and interest on capital.

(ii) Share of proportionate profit from last Balance Sheet to the date of death based

on annual average profits of last 3 year (after interest on capital and salary of partners)

(d) Partners Capitals were : R -Rs. 3,00,000; S -Rs. 2,00,000; T -Rs. 1,00,000.

(e) Profit (before interest and salary) were :

2016-2017 124000

2015-2016 120000

2014-2015 80000

2013-2014 130000

(f) There is no change in capital since 31-3-2015.​

Answer 1

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Answer 2

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