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प्रश्न
Sandeep, Maheep and Amandeep were partners in a firm sharing profits in the ratio of 2:2:1. The firm closes its books on 31st March every year. On 30th June, 2020 Maheepdied. The partnership deed provided that on the death of a partner his executors will be entitled to the following:
- Balance in his capital account which amounted to ₹ 1,15,000 and interest on capital till date of death which amounted to ₹ 5,000.
- His share in the profits of the firm till the date of his death amounted to ₹ 20,000.
- His share in the goodwill of the firm. The goodwill of the firm on Maheep’s death was valued at ₹ 1,50,000.
- Loan to Maheep amounted ₹ 20,000.
It was agreed that the amount will be paid to his executor in three equal yearly instalments with interest @10% p.a. The first instalment was to be paid on 30.06.2021.
Calculate the amount to be transferred to Maheep’s executors Account and prepare the executor’s account till it is finally settled.
उत्तर
Maheep dues to be transferred to executors = 1,15,000 + 5,000 + 20,000 + 60,000 – 20,000 = 1,80,000
| Maheep’s Executors Account | |||||||
| Date | Particulars | LF | Amount (₹) | Date | Particulars | LF | Amount (₹) |
| 31/03/21 | To Balance c/d | 1,93,500 | 30/06/20 | By Maheep’s Cap. A/c | 1,80,000 | ||
| 31/03/21 | Interest (9 months) |
13,500 | |||||
| 1,93,500 | 1,93,500 | ||||||
| 30/06/21 | To Bank (I Instalment) | 78,000 | 01/04/21 | By Balance b/d | 1,93,500 | ||
| 31/03/22 | To Balance c/d | 1,29,000 | 30/06/21 | By Interest (3 months) |
4,500 | ||
| 31/03/22 | By Interest (9 months) |
9,000 | |||||
| 2,07,000 | 2,07,000 | ||||||
| 30/06/22 | To Bank (II Instalment) | 72,000 | 01/04/22 | By Balance b/d | 1,29,000 | ||
| 31/03/23 | To Balance c/d | 64,500 | 30/06/22 | By Interest (3 months) |
3,000 | ||
| 31/03/23 | By Interest (9 months) |
4,500 | |||||
| 1,36,500 | 1,36,500 | ||||||
| 30/06/23 | To Bank (III Instalment) | 66,000 | 01/04/23 | By Balance b/d | 64,500 | ||
| 30/06/23 | By Interest (3 months) |
1,500 | |||||
| 66,000 | 66,000 | ||||||
संबंधित प्रश्न
Ashok, Babu and Chetan were partners in a firm sharing profits in the ratio of 4:3:3. The firm closes its books on 31st March every year. On 31st December 2016, Ashok died. The partnership deed provided that on the death of a partner his executors will be entitled for the following.
1) Balance in his capital account. On 1.4.2016, there was a balance of Rs 90,000 in Ashok’s Capital Account
2) Interest on Capital @12% per annum
3) His share in the profits of the firm in the year of his death will be calculated on the basis of the rate of net profit on sales of the previous year, which was 25%. The sales of the firm till 31st December 2016 were Rs 4, 00,000.
4) His share in the goodwill of the firm. The goodwill of the firm on Ashok’s death was valued at 4,50,000. The partnership deed also provided for the following deduction from the amount payable to the executor of the deceased partner:
- His drawings in the year of his death, Ashok’s drawings till 31.12.2016 were Rs 15,000.
- Interest on drawings @12 % per annum which was calculated on Rs 1,500.
The accountant of the firm prepared Ashok’s Capital Account to be presented to the executor of Ashok but in a hurry, he left it incomplete. Ashok’s Capital Account as prepared by the firm accountant is given below.
| Ashok Capital Account | |||
| Dr. | Cr. | ||
| Date Particulars | Rs | Date Particulars | Rs |
|
2016 Dec 31 _________ Dec 31 _________ Dec 31 _________
|
15,000 ______ ______
|
2016 April 1 _________ Dec 31 _________ Dec 31 _________ Dec 31 _________ Dec 31 _________ |
90,000 8,300 40,000 90,000 90,000 |
| 3,18,100 | 3,18,100 | ||
Your are required to complete Ashok’s Capital Account.
Bora, Singh and Ibrahim were partners in a firm sharing profits in the ratio of 5: 3: 1. On 2-3-2015 their firm was dissolved. The assets were realized and the liabilities were paid off. Given below are the Realisation Account, Partners' Capital Account and Bank Account of the firm. The accountant of the firm left a few amounts unposted in these accounts. You are required to complete these accounts by posting the correct amounts.
| Realisation Account | |||
| Dr. | Cr. | ||
| Particular |
Amount Rs |
Particular |
Amount Rs |
|
To Stock To Debtors To Plant and Machinery To Bank Sundry Creditors 16,000 Bills Payable 3,400 Mortgage Loan 15,000 To Bank (Outstanding repairs) To Bank (Exp.)
|
10,000 25,000 40,000
34,400 400 620
|
By Provision of bad debts By Sundry Creditors By Bills Payables By Mortgage Loan By Bank – Assets realized Stock 6,700 Debtors 12,500 Plant & Machinery 36,000 By Bank – unrecorded unrecorded assets realized By ______________________
|
5,000 16,600 3,400 15,000
55,200 6,220 ------
|
|
1,10,420 |
1,10,420 | ||
| Capital Account | |||||||
| Dr. | Cr. | ||||||
| Particulars |
Bora Rs |
Singh Rs |
Ibrahim Rs |
Particulars |
Bora Rs |
Singh Rs |
Ibrahim Rs |
|
- - |
- - |
- - |
- - |
By Balance b/d By General Reserve |
22,000 2,500 |
18,000 1,500 |
10,000 500 |
| 24,500 | 19,500 | 10,500 | 24,500 | 19,500 | 10,500 | ||
| Bank Account | |||
| Particular |
Amount Rs |
Particular Rs |
Amount Rs |
|
To Balance b/d To Realisation _______________
|
19,500 55,200 -------
|
By Realisation (liabilities) By Realisation (Unrecorded liabilities) By __________ By __________
|
34,400 400
|
| 80,920 | 80,920 | ||
Vikas, Gagan and Momita were partners in a firm sharing profits in the ratio of 2: 2: 1. The firm closes its books on 31st March every year. On 30th September 2014 Momita died. According to the provisions of partnership deed the legal representatives of a deceased partner are entitled to the following in the event of his/her death:
1) Capital as per the last Balance Sheet.
2) Interest on capital at 6% p.a. till the date of her death.
3) Her share of profit to the date of death calculated on the basis of average profits of last four years.
4) Her share of goodwill to be determined on the basis of three years purchase of the average
profits of last four years. The profits of last four years were:
| Years | Profit (Rs) |
| 2010 – 2011 | 30,000 |
| 2011 – 2012 | 50,000 |
| 2012 – 2013 | 40,000 |
| 2013 – 2014 | 60,000 |
The balance in Momita's capital account on 31-3-2014 was Rs 60,000 and she had withdrawn Rs 10,000 till the date of her death. Interest on her drawings was Rs 300. Prepare Momita's Capital Account to be presented to her executors.
Sunny, Honey and Rupesh were partners in a firm. On 31-3-2014 their Balance Sheet was as follows :
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Creditors General Reserve Capitals Sunny 30,000 Honey 30,000 Rupesh 20,000 |
10,000 30,000
80,000 |
Plant and Machinery Furniture Investment Debtors Stock
|
40,000 15,000 20,000 20,000 25,000
|
| 1,20,000 | 1,20,000 |
Honey dies on 31-12-2014. The partnership deed provides that the representatives of the deceased partner shall be entitled to:
(1) Balance in the capital account of the deceased partner.
(2) Interest on capital @ 6% p.a. upto the date of his death.
(3) His share in the undistributed profits or losses as per the balance sheet.
(4) His share in the profit of the firm till the date of his death, calculated on the basis of the rate of net profit on sales of the previous year. The rate of net profit on the sale of the previous year was 20%. Sales of the firm during the year till 31-12-2014 was Rs 6,00,000.
Prepare Honey's Capital Account to be presented to his executors.
Arun, Varun and Karan were Partners in a firm sharing profits in the ratio of 4:3:3. On 31-3-2014, their Balance Sheet was as follows :
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Creditors Bills Payable Karan’s Loan Capitals Arun 70,000 Varun 68,000 |
17,000 12,000 28,000
1,38,000 |
Cash Debtors Bills payable Furniture Machinery Karan’s Capital |
8,000 13,000 9,000 27,000 1,25,000 13,000 |
| 1,95,000 | 1,95,000 |
On 30.9.2014, Karan died. The partnership Deed provided for the following to the executors of the deceased partner
(a) His share in the goodwill of the firm calculated on the basis of three year's purchase of the average profits of the last four years. The profits of the last four years were Rs 1,90,000; Rs 1,70,000; Rs 1,80,000 and Rs 1,60,000 respectively.
(b) His share in the profits of the firm till the date of his death calculated on the basis of the average profits of the last four years.
(c) Interest @8% p.a. on the credit balance, if any, in his Capital Account.
(d) Interest on his loan @12% p.a.
Prepare Karan's Capital Account to be presented to his executors, assuming that his loan and interest on a loan was transferred to his Capital Account
The following is the Balance Sheet of A, B and C as on 31st March 2014
| Liabilities |
Amount Rs |
Assets | RS |
|
Sundry Creditors Reserve Fund Capital Accounts A 15,000 B 7,500 C 7,500 |
4,500 |
Cash in hand Cash at bank Stock Debtors Furniture Tools |
300 7,500 9,000 9,000 12,000 1,500 |
| 39,300 | 39,300 |
'C' died on 300 June 2014. Under the terms of Partnership Deed, the executors of the deceased partner were entitled to:
(a) The amount standing to the credit of partner's capital account.
(b) Interest on capital @ 6% per annum.
(c) A share of goodwill on the basis of twice the average of past three years profits.
(d) A share of profit from the closing of last financial year to the date of death on the basis of last year's profit. The profits of the last three years were as follows
| Year |
Profit Rs |
| 2011-2012 | 9,000 |
| 2012-2013 | 10,500 |
| 2013-2014 | 12,000 |
The firm closes its books on 31st March every year. The partners shared profits in the ratio of their capitals.
Prepare C's Capital Account to be presented to his executors.
Monika, Sonika and Mansha were partners in firm sharing profits in the ratio of 2:2:1 respectively. On 31st, March 2013, their Balance Sheet as under:
| Balance Sheet as on March 31, 2013 | |||
| Liabilities | Rs | Assets | Rs |
|
Capital: Monika 1,80,000 Sonika 1,50,000 Mansha 90,000 Reserve Fund Creditors |
4,20,000 1,50,000 2,40,000 |
Fixed Asset Stock Debtors Cash
|
3,60,000 60,000 1,20,000 2,70,000
|
|
|
8,10,000 | 8,10,000 | |
Sonika died on 30th June 2013. It was agreed between her executors and the remaining partners that:
a. Goodwill of the firm be valued at 3 years' purchase of average profits for the last four years. The average profits were Rs 2,00,000
b. Interest on capital be provided at 12% p.a.
c. Her share in the profits up to the date of death will be calculated on the basis of average profits for the last four years.
Prepare Sonika's Capital Account as on 30th June 2013.
The Balance Sheet of Sudha, Rahim and Kartik who were sharing profit in the ratio of 3:3:4. On the 31st March 2012 their Balance Sheet was as follows:
| Liabilities | Rs | Assets | Rs |
|
General Reserve Bills Payable Loan Capital: Sudha 60,000 Rahim 50,000 Kartik 40,000 |
10,000 5,000 12000
1,50,000 |
Cash Stock Investments Land & Building Sudha's loan
|
16,000 44,000 47,000 60000 10,000
|
| 1,77,000 | 1,77,000 |
Sudha died on June 30th, 2012. The partnership deed provided for the following on the death of a partner:
a. Goodwill of the firm be valued at two years purchase of average profits for the last three years.
b. Sudha's share of profit or loss till the date of her death was to be calculated on the basis of sales. Sales for the year ended 31st March 2012 amounted to Rs 4,00,000 and that from 1st April to 30th June 2012 to Rs 1,50,000. The profit for the year ended 31st March 2012 was Rs 1,00,000.
c. Interest on capital was to be provided @ 6% p.a.
d. The average profits of the last three years were Rs 42,000.
e. According to Sudha's will, the executors should donate her share to "Matri Chhaya - an orphanage for girls.
Prepare Sudha's Capital Account to be rendered to her executor. Also, identify the value being highlighted in the question.
The Balance Sheet of Sadhu, Raja and Karan who were sharing profit in the ratio of 4:2:4. On the 31st March 2012 their Balance Sheet was as follows:
| Liabilities | Rs | Assets | Rs |
|
General Reserve Bills Payable Loan Capital: Suda 80,000 Rahim 60,000 Kartik 1,00,000 |
2,40,000 |
Cash Stock Investments Land and Building Sadhu's Loan
|
26,000 64,000 85,000 97,000 20,000
|
|
|
2,92,000 | 2,92,000 |
Sadhu died on July 31st, 2012. The partnership deed provided for the following on the death of a partner:
a. Goodwill of the firm is valued at two years purchase of average profits for the last three years.
b. Sadhu's share of profit or loss till the date of her death was to be calculated on the basis of sales. Sales for the year ended 31st March 2012 amounted to `4,50,000 and that from 1st April to 31st July 2012 to Rs 2,70,000. The profit for the year ended 31st March 2012 was Rs 1, 25,000.
c. Interest on capital was to be provided @ 5% p.a.
d. The average profits of the last three years were Rs 55,000.
e. According to Sudha's will, the executors should donate her share to "Matri Chhaya - an orphanage for girls".
Tripti, Atishay and Radhika were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as on 31-3-2019 was as follows:
Balance Sheet of Tripti, Atishay, and Radhika as on 31st March, 2019.
| Liabilities |
Amount (₹) |
Assets | Amount (₹) |
| Capitals : |
|
Plant and Machinery | 5,00,000 |
| Tripti 3,00,000 |
|
Stock | 1,10,000 |
| Atishay 2,00,000 |
|
Sundry debtors | 60,000 |
| Radhika 1,00,000 |
6,00,000 |
Cash at bank | 40,000 |
| General Reserve |
50,000 |
||
| Sundry creditors |
60,000 |
||
|
7,10,000 |
7,10,000 |
Tripti died on 30th June, 2019. According to the partnership deed, the executors of the deceased partner are entitled to :
(a) Balance in partner's capital account.
(b) Salary @ ₹ 12,500 per quarter.
(c) Share of goodwill calculated on the basis of twice the average of past three years' profits and share of profits from the closure of the last accounting year till the date of death on the basis of last year's profit. Profits for 2016-17, 2017-18 and 2018-19 were ₹ 1,00,000, ₹ 1,50,000 and ₹ 2,00,000 respectively.
(d) Tripti withdrew ₹ 20,000 on 1st May, 2019 for her personal use. Prepare Tripti's Capital Account to be rendered to her executors.
