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प्रश्न
Nikita, Mankrit, and Pulkit were partners in firm sharing profits and losses in the ratio 4 : 3: 2. Their balance sheet as on 31st March 2019 was as follows:
Balance Sheet of Nikita, Mankrit, and Pulkit as on 31st March 2019
| Liabilities |
Amount (₹) |
Assets | Amount (₹) |
| Capitals : | Plant and Machinery | 6,40,000 | |
| Nikita - 4,00,000 | Stock | 2,30,000 | |
| Mankrit - 3,00,000 | Sundry debtors | 1,40,000 | |
| Pulkit - 2,00,000 | 9,00,000 | Cash at bank | 40,000 |
| General Reserve | 90,000 | ||
| Creditors | 60,000 | ||
| 10,50,000 | 10,50,000 |
Mankrit died on 31st July 2019. According to the partnership deed, the executors of the deceased partner are entitled to:
(a) Balance of partner's capital account
(b) Salary @ ₹ 6,000 per quarter.
(c) Share of goodwill calculated on the basis of twice the average of past three years' profits and share of profits from the closure of the last accounting year till the date of death calculated on the basis of the average of three completed years' profits before death.
Profits for 2016-17, 2017-18 and 2018-19 were ₹ 80,000, ₹ 90,000 and ₹ 1,00,000 respectively.
(d) Mankrit withdrew ₹ 6,000 on 15th May, 2019.
Prepare Mankrit's capital account to be rendered to her executors.
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उत्तर
| Dr. | Mankrit’s Capital A/c | Cr. | |
| Particulars |
Amount (₹) |
Particulars |
Amount (₹) |
| To Drawings A/c |
6,000 |
By balance b/d |
3,00,000 |
| To Mankrit’s Executors A/c |
4,18,000 |
By Salary A/c (6,000 × 4) | 24,000 |
|
|
By Nikita’s Capital A/c (WN1) | 40,000 | |
|
|
By Pulkit’s Capital A/c (WN1) | 20,000 | |
|
|
By Profit & Loss Suspense A/c | 10,000 | |
|
|
(Share of Profit) (WN2) | ||
|
|
By General Reserve A/c | 30,000 | |
|
4,24,000 |
4,24,000 | ||
Working Notes:
1) Calculation of Mankrit’s share of goodwill
| Average Profit for the last three years | = `(80,000 + 90,000 + 1,00,000) / 3` |
| = ₹ 90,000 | |
| Goodwill of the firm | = Average Profits of the last three years × Number of Years’ Purchase |
| = ₹ (90,000 × 2) = ₹ 1,80,000 | |
| Mankrit’s share of goodwill | = ₹ `(1,80,000 × 3/9)` = ₹ 60,000 |
| Gaining Ratio among the partners will be the same as obtained by cancelling Mankrit’s share. | = 2 : 1 |
2) Calculation of Mankrit’s Share of Profit
| Average Profits of last three years | = ₹ 90,000 |
| Profits till the date of death | = ₹ `(90,000 × 4/12)` = ₹ 30,000 |
| Mankrit’s Share of Profits | = ₹ `(30,000 × 3/9)` = ₹10,000 |
