Question

tio of 3:4:3. The Bala
pr.
MP8
1,00,00
To Fixe
(Loss o
revalus
To Dra
TO CE
To Ba
30,000 1,20,000
Rollana: 3 Golden Guide on Prinde
20.58
ST 8 and were partners of a firm sharing profit and losses in the ratio of 3:a.
Skeet or she firm as at 31st March, 2018 was as under:
Assets
Liabilities
Fixed Assets
Capital A/C
Current Assets :
48,000
30,000
Stock
64,000
60,000
48,000 1,60,000 Debtors
20,000 Cash and Bank
Resente
40,000
Creditors
2,20,000
The firm had taken a Joint Life Policy for 1,00,000; the premium periodically paid was charged
and Loss Account Partner C died on 30 September, 2018. It was agreed between the surviving part
the legal representatives of C that:
() Goodwill of the firm will be taken at 60,000
(üFired Assets will be written down by 20,000
(in) In lieu of Profits C should be paid at the rate of 25% per annum on his capital as on 31st Mom
2018 Prefit of gous.
Policy money was received and the legal heirs were paid off. The profits for the year ended 31st March
2019 after charging depreciation of 10,000 (depreciation upto 30th September was agreed to be 36.000)
were 48,000.
2,20,000
was charged to Profit
riving partners and
her
2 Der
3.
App
share
In th
rate
Thu
Eith
Nood
Partner's Drawings Accounts showed balances as under:
A 218,000 (drawn evenly over the year) go
B 24,000 (drawn evenly over the year))
C (Upto date of death) 520,000.
On the basis of the above figures, please indicate the entitlement of the legal heirs of C, assuming that they
had not been paid anything other than the share in the joint life policy
Answer:​

Answer 1

Answer:

Explanation:

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