Question

v
50,000 and Bb
representativ
1. His
pre
II. Fi
mith 1/3 and carried loa
{1,50.000
IU WU V by 1,00,000 each and Credit A by 350.000
Q. 70 (A) Brown and Smith are partners. The partnership deed provides
(That the Accounts be balanced on 31st December each year,
(ii) That the profits be divided as follows: Brown 1/2, Smith 1/3 and
Reserve account 1/6.
(iii) That in the event of the death of a partner, his executors be entitled to
out :
(a) The Capital to his credit at the date of death.
(b) His proportion of Reserve at the date of last Balance Sheet
(c) His proportion of profit to date of death based on the average
the last three completed years..
(d) By way of goodwill his proportion of the total profits for the time
entitled to be paid
Prep
(AD
respect
ISO
ne three
preceding years.
On 31st December, 2017, the ledger balances were :
9,000
6,000
3,000
3,000
Brown's Capital
Smith's Capital
Reserve
Creditors
Bills Receivable
Investments
Cash
d
2,000
5,000
14,000
21,000
21,000
The profits for three years were :
2015
4,500. Smith died on 1st May, 2018. Show the
4,200; 2016 3,900; 2017
accounts as between the firm and Smith's executors as on May 1st, 2018.
Lane Balance due to Smith's Executors 12,800.]
...f2.1 Following is their Balance​

Answer 1

balance of smith's executor accounts is 12800