Q. 68 DK Goel Retirement of Partner Solutions Class 12 CBSE (2024-25)

Here are the solutions of Question number 68 of Retirement of Partner chapter 5 of DK Goel Class 12 CBSE (2024-25)

Anuj, Tanuj and Vishesh were partners in a firm sharing profits in 2 : 2 : 1. Tanuj died on 31st July 2023. His capital on 1st April, 2023 was ₹ 6,00,000. You are informed that:

(I) Tanuj is entitled to 6% p.a. interest on his capital.

(ii) He is entitled to his share of profit till the date of death on the basis of last year’s profit which were ₹ 2,40,000.

(iii) Land and Building with book value of ₹ 12,00,000 is undervalued by 40%.

(iv) Executors of Tanuj were paid ₹ 10,00,000 in full settlement of his account.

Prepare Tanuj’s Capital Account.

[Ans. Tanuj’s share of hidden goodwill ₹ 36,000.]

Solution:-