Sur 30. Shirish, Harit and Asha were partners in a firm sharing profits in the ratio of 5:4:1. Shirish died on 3 June, 2018. On this date their Balance Sheet was follows: BALANCE SHEET OF SHIRISH, HARIT AND ASHA as at 31st March, 2018 Liabilities ₹ Assets Capitals: Plant and Machinery 1,00,000 Stock 2,00,000 Debtors Asha 3,00,000 6,00,000 Cash Profits for the year 2017-18 80,000 20,000 7,00,000 Shirish Harit 5,60,000 90,00 10.000 40.000 Bills Payable 700.000 According to the Partnership Deed, in addition to deceased partner's capital, his executor is entitled to (1) Share in profits in the year of death on the basis of average of last two years' profit. Profit for the year 2016-17 was 60,000. (in Goodwill of the firm was to be valued at 2 years' purchase of average of last two years' profits. Prepare Shirish's Capital Account to be presented to his executor
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Answer:
Sur 30. Shirish, Harit and Asha were partners in a firm sharing profits in the ratio of 5:4:1. Shirish died on 3 June, 2018. On this date their Balance Sheet was follows: BALANCE SHEET OF SHIRISH, HARIT AND ASHA as at 31st March, 2018 Liabilities ₹ Assets Capitals: Plant and Machinery 1,00,000 Stock 2,00,000 Debtors Asha 3,00,000 6,00,000 Cash Profits for the year 2017-18 80,000 20,000 7,00,000 Shirish Harit 5,60,000 90,00 10.000 Sur 30. Shirish, Harit and Asha were partners in a firm sharing profits in the ratio of 5:4:1. Shirish died on 3 June, 2018. On this date their Balance Sheet was follows: BALANCE SHEET OF SHIRISH, HARIT AND Sur 30. Shirish, Harit and Asha were partners in a firm sharing profits in the ratio of 5:4:1. Shirish died on 3 June, 2018. On this date their Balance Sheet was follows: BALANCE SHEET OF SHIRISH, HARIT AND ASHA as at 31st March, 2018 Liabilities ₹ Assets Capitals: Plant and Sur 30. Shirish, Harit and Asha were partners in a firm sharing profits in the ratio of 5:4:1. Shirish died on 3 June, 2018. On this Sur 30. Shirish, Harit and Asha were partners in a firm sharing profits in the ratio of 5:4:1. Shirish died on 3 June, 2018. On this date their Balance Sheet was follows: BALANCE SHEET OF SHIRISH, HARIT AND ASHA as at 31st March, 2018 Liabilities ₹ Assets Capitals: Plant and Machinery 1,00,000 Stock 2,00,000 Debtors Asha 3,00,000 6,00,000 Cash Profits for the year 2017-18 80,000 20,000 7,00,000 Shirish Harit 5,60,000 90,00 10.000 40.000 Bills Payable 700.000 According to the Partnership Deed, in addition to deceased partner's capital, his executor is entitled to (1) Share in profits in the year of death on the basis of average of last two years' profit. Profit for the year 2016-17 was 60,000. (in Goodwill of the firm was to be valued at 2 years' purchase of average of last two years' profits. Prepare Shirish's Capital Account to be presented to his executor their Balance Sheet was follows: BALANCE SHEET OF SHIRISH, HARIT AND ASHA as at 31st March, 2018 Liabilities ₹ Assets Capitals: Plant and Machinery 1,00,000 Stock 2,00,000 Debtors Asha 3,00,000 6,00,000 Cash Profits for the year 2017-18 80,000 20,000 7,00,000 Shirish Harit 5,60,000 90,00 10.000 40.000 Bills Payable 700.000 According to the Partnership Deed, in addition to deceased partner's capital, his executor is entitled to (1) Share in profits in the year of death on the basis of average of last two years' profit. Profit for the year 2016-17 was 60,000. (in Goodwill of the firm was to be valued at 2 years' purchase of average of last two years' profits. Prepare Shirish's Capital Account to be presented to his executor 1,00,000 Stock 2,00,000 Debtors Asha 3,00,000 6,00,000 Cash Profits for the year 2017-18 80,000 20,000 7,00,000 Shirish Harit 5,60,000 90,00 10.000 40.000 Bills Payable 700.000 According to the Partnership Deed, in addition to deceased partner's capital, his executor is entitled to (1) Share in profits in the year of death on the basis of average of last two years' profit. Profit for the year 2016-17 was 60,000. (in Goodwill of the firm was to be valued at 2 years' purchase of average of last two years' profits. Prepare Shirish's Capital Account to be presented to his executor as at 31st March, 2018 Liabilities ₹ Assets Capitals: Plant and Machinery 1,00,000 Stock 2,00,000 Debtors Asha 3,00,000 6,00,000 Cash Profits for the year 2017-18 80,000 20,000 7,00,000 Shirish Harit 5,60,000 90,00 10.000 40.000 Bills Payable 700.000 According to the Partnership Deed, in addition to deceased partner's capital, his executor is entitled to (1) Share in profits in the year of death on the basis of average of last two years' profit. Profit for the year 2016-17 was 60,000. (in Goodwill of the firm was to be valued at 2 years' purchase of average of last two years' profits. Prepare Shirish's Capital Account to be presented to his executor Bills Payable 700.000 According to the Partnership Deed, in addition to deceased partner's capital, his executor is entitled to (1) Share in profits in the year of death on the basis of average of last two years' profit. Profit for the year 2016-17 was 60,000. (in Goodwill of the firm was to be valued at 2 years' purchase of average of last two years' profits. Prepare Shirish's Capital Account to be presented to his executor
Answer:
Balance Sheet of A, B, and C as of 31.3.2018
Liabilities Amt. Assets Amt.
Creditors 7000 Cash at bank 12000
General Reserve 9000 Debtors 32000
Workmen's Compensation 10000 Furniture 30000
fund
PnL Acc 6000 Plant 40000
Capital Ac- Patents 8000
A 40000
B 30000
C 20000 90000
Total 122000 Total 122000
Shirish's capital Account
To shirish's executors ac 218750 By Bal b/d 100000
By Pnl A/c- 40000
By Pnl suspense A/c- 8750
By Harish's Cap. A/c- 14000
By Asha's Cap. A/c-
Total 218750 Total 218750
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