[ISC] Q. 16 Death of Partner Solution TS Grewal Class 12 (2022-23)

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Are you looking for the solution to Question number 16 of the Death of Partner Chapter of TS Grewal Book ISC Board 2022-23 Edition?

Sunil, Jobins and Manish were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On 31st March 2021, their Balance Sheet was as follows:

LiabilitiesAssets
Creditors
Workmen Compensation Reserve
General Reserve
Capital A/cs:
Sunil
Jobins
Manish
1,62,500
40,000
27,500

3,00,000
3,00,000
1,30,000
Bank
Stock
Debtors
Land and Building
Profit and Loss A/c
(For the year ended 31st March, 2021)
1,90,000
70,000
40,000
5,00,000
1,60,000
9,60,0009,60,000

Jobins died on 30th June, 2021. Partnership Deed provided for the following on death of a partner:

(i) Goodwill of the firm was to be valued at 2 years’ purchase of the average profit of last 5 years. The profits for the past four years ended 31st March, 2020 were ₹ 80,000; ₹ 1,00,000; ₹ 1,50,000 and ₹ 1,30,000 respectively.

(ii) Share of profit or loss till the date of his death was to be calculated on the basis of the profit or loss for the year ended 31st March, 2021.

(iii) Sunil and Manish decide to record the effect of Workmen Compensation Reserve and General Reserve without affecting their book values.

Prepare Jobin’s Capital Account at the time of his death to be presented to his executor.

Solution:-

Here is the list of Solutions

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