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

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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:

LiabilitiesAssets
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
3,10,0003,10,000

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

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21Question – 21
22Question – 22
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