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

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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:-

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