[ISC] Q. 19 Death of Partner Solution TS Grewal Class 12 (2022-23)

Share your love

Are you looking for the solution to Question number 19 of the Death of Partner Chapter of TS Grewal Book ISC Board 2022-23 Edition?

Jeet, Vijay and Priya are partners in a firm. Their Balance Sheet as at 31st March, 2021 is given below:

LiabilitiesAssets
Creditors
General Reserve
Jeet’s Capital
Vijay’s Capital
Priya’s Capital
25,000
25,000
50,000
37,500
12,500
Machinery
Furniture
Stock
Debtors
Investments
50,000
6,250
26,250
37,500
30,000
1,50,0001,50,000

Vijay died on 30th September, 2021. The Partnership Deed provides tht the representatives of the deceased partner shall be entitled to:

(i) Deceased Partner’s Capital as appearing in the last Balance Sheet.

(ii) Interest on Capital @ 6% p.a. up to the date of death.

(iii) His share of profit up to the date of death on the average of last three year’s profits.

(iv) His share of any undistributed profits and losses as per last Balance Sheet.

(v) Interest on his Drawings up to the date of death will be charged @ 10% p.a.

(vi) Goodwill on the firm is valued at ₹ 1,20,000 and Vijay’s share of the goodwill be adjusted in the Capital Accounts of Jeet and Priya who will sahre future profits equally.

Profits for the last three years were ₹ 1,62,500; ₹ 1,60,000 and ₹ 1,72,500. Vijay’s drawings up to the date of death amounting to ₹ 25,000.

Determine the amount payable to the legal representative of Vijay.

Solution:-

Here is the list of Solutions

S.NSolutions
1Question – 1
2Question – 2
3Question – 3
4Question – 4
5Question – 5
6Question – 6
7Question – 7
8Question – 8
9Question – 9
10Question – 10
S.NSolutions
11Question – 11
12Question – 12
13Question – 13
14Question – 14
15Question – 15
16Question – 16
17Question – 17
18Question – 18
19Question – 19
20Question – 20
21Question – 21
22Question – 22
Share your love
Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.

Articles: 5884

Leave a Reply

Your email address will not be published. Required fields are marked *

close

Ad Blocker Detected!

Our Website is made possible by displaying online advertisements to our visitors. Please consider supporting us and remove the AD - Blocker to read this article.

Refresh