veena meena and seema were partners sharing profit in the ratios 2:1:1. Seema died on 1st August 2018. The sales and profits for the year ending 31st march 2018 were 4,72,000 and 1,20,000 respectively. The sales up to 1st august 2018 were 2.95.000. Calculate Seema's share of profit.
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Asked on October 15, 2019 by
Pournima Suraj
The Balance Sheet of Meena and Heena who shared the profits and losses in the ratio of 2:1 is as under:
Liabilities Amount (Rs.) Assets Amount (Rs.)
Capital: Leasehold property 20,000
Meena 1,34,000 Livestock 6,000
Heena 1,20,000 Loose tools 90,200
Creditors 53,800 Stock 86,800
Rent outstanding 10,000 Debtors 48,000
Reserve fund 7,200 Less: R.D.D. 2,000 46,000
Bank 75,400
3,25,000 3,25,000
On 1
st
April, 2016 Seema was admitted as
4
1
th partner on the following terms:
(1) Seema should bring in Rs. 1,20,000 towards her capital.
(2) Firm's goodwill is valued at Rs. 1,44,000 and Seema agreed to bring her share in the firm's goodwill by a cheque.
(3) Reserve for doubtful debts should be maintained at 7.5% on debtors.
(4) Increase live stock by Rs. 4,400 and write off loose tools by 20%.
(5) Outstanding rent Rs. 9,040 is paid in full settlement.
Prepare:
(1) Profit and Loss Adjustment Account
(2) Partner's Capital Account
(3) Balance Sheet of the new firm.
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