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प्रश्न
Sandeep, Mandeep and Amandeep were partners in a firm sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on 31st March every year. On 30th September, 2016 Mandeep died. The partnership deed provided that on the death of a partner his executors will be entitled to the following :
(1) Balance in his capital account and interest @ 12% p.a. on capital. On 1-4-2016 the balance in Mandeep's Capital account was Rs 1,00,000.
(2) His share in the profits of the firm in the year of his death which will be calculated on the basis of rate of net profit on sales of the previous year which was 25%. The sales of the firm till 30th September, 2016 were Rs 9,00,000.
(3) His share on the goodwill of the firm. The goodwill of the firm on Mandee's detah was valued at Rs 1,50,000.
The partnership deed also provided that the following deductions will be made from the amount payable to the executor of the deceased partner:
(1) His drawing in the year of his death. Mandeep's drawings till 30th September, 2016 were Rs 4,000.
(2) Interest on drawing @ 6% per annum which calculated as Rs 120.
The accountant of the firm prepared Mandeep's Capital Account to be presented to the executor of Mandeep but in a hurry he left in incomplete. Mandeep's capital Account prepared by Accountant of the firm is shown below :
|
Dr. |
Mandeep’s Capital Account |
Cr. |
|||
|
Date |
Particulars |
Amount (Rs) |
Date |
Particulars |
Amount (Rs) |
|
2016 |
|
|
2016 |
|
|
|
Sep. 30 |
…………… |
4,000 |
April 1 |
…………… |
1,00,000 |
|
Sep. 30 |
…………… |
– |
Sep. 30 |
…………… |
6,000 |
|
Sep. 30 |
…………… |
– |
Sep. 30 |
…………… |
90,000 |
|
|
|
|
Sep. 30 |
…………… |
40,000 |
|
|
|
|
Sep. 30 |
…………… |
20,000 |
|
|
|
2,56,000 |
|
|
2,56,000 |
|
|
|
|
|
|
|
You are required to complete Mandeep's Capital Account.
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उत्तर
|
Dr. |
Mandeep’s Capital Account |
Cr. |
|||
|
Date |
Particulars |
Amount (Rs) |
Date |
Particulars |
Amount (Rs) |
|
2016 |
|
|
2016 |
|
|
|
Sep. 30 |
Drawings A/c |
4,000 |
April 1 |
Balance b/d |
1,00,000 |
|
Sep. 30 |
Interest on Drawings A/c |
120 |
Sep. 30 |
Interest on Capital A/c |
6,000 |
|
Sep. 30 |
Mandeep's Executor's A/c |
2,51,880 |
Sep. 30 |
Profit and Loss Suspense A/c |
90,000 |
|
|
|
|
Sep. 30 |
Sandeep Capital A/c |
40,000 |
|
|
|
|
Sep. 30 |
Amandeep's Capital A/c |
20,000 |
|
|
|
2,56,000 |
|
|
2,56,000 |
|
|
|
|
|
|
|
