Question

'Y DUOK Keeping-CBSE XII
31st March, 2020 their Balance Sheet was as follows:
Liabilities
3
Assets
₹
Fixed Assets
L
Capital A/cs:
Aman
Naman
Raman
Workmen Compensation Reserve
General Reserve
Employees' Provident Fund
Creditors
8,00,000
7,00,000
5,00,000
(
14,000
400038
3,0003.
7.00.00
Stock
Debtors
Cash at Bank
Advertisement Suspense A/c (Deferred Revenue)
20,00,000
50,000
2,00,000
1,00,000
5,00,000
50.00
28,50,000
285000
Naman died on 30th June, 2020. According to the Partnership Deed, his legal heirs were entitled to:
(a) Balance in his Capital Account.
(b) His share of goodwill will be calculated on the basis of thrice the average of the past 4 years' proft:
(c) His share in profits up to the date of death on the basis of average profits of the last two years.
(d) Interest on capital @ 12% p.a. up to the date of his death.
The firm's profits for the last four years ended 31st March, were:
2017: 2,40,000;2018: 4,00,000;2019: 5,20,000 and 2020: 4,40,000.
Naman's Executor was paid the sum due immediately. Prepare Naman's Capital Accounts to be presentes
to his legal heirs.
35. Aman, Naman and Raman were partners in a firm sharing profits and losses in the ratio of 2:2:1.0​

Answer 1

Answer:

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