[ISC] Q. 20 Death of Partner Solution TS Grewal Class 12 (2022-23)

Are you looking for the solution to Question number 20 of the Death of Partner Chapter of TS Grewal Book ISC Board 2022-23 Edition?

Akhil, Nikhil and Sunil were partners sharing profits in the ratio of 5 : 3 : 2. Following was their Balance Sheet as at 31st March, 2021:

Liabilities	₹	Assets	₹
Capital A/cs: Akhil Nikhil Sunil General Reserve Bills Payable Creditors	1,20,000 60,000 40,000 30,000 20,000 40,000	Building Machinery Stock Debtors Cash at Bank Advertisement Suspense	1,00,000 80,000 25,500 30,000 34,500 40,000
	3,10,000		3,10,000

Akhil died on 30th September, 2021 and Nikhil and Sunil decided to share future profits in the ratio of 5 : 3. The partnership Deed provided that the executor of a deceased partner was entitled to:

(i) Balance of Partner’s Capital Account and his share of the accumulated reserves.

(ii) Interest on Capital at 12% per annum.

(iii) Share of goodwill calculated on the basis of four years’ purchase of last three years average profit.

(iv) Share of profit from the closure of the last accounting year till the date of death on the basis of the profit of the preceding completed year before death.

Profits for the years ended 31st March, 2019, 2020 and 2021 were ₹ 40,000; ₹ 60,000 and ₹ 35,000 respectively.

Prepare Akhil’s Capital Account to be rendered to his executors.

Solution:-

Here is the list of Solutions

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Solutions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20
21	Question – 21
22	Question – 22