Question

Giriija, Yatin, and Zubin were partners sharing profits in the ratio 5 : 3: 2. Zubin died on 1^st August 2015. Amount due to Zubin's executor after all adjustments were ₹ 90,300. The executor was paid ₹ 10,300 in cash immediately and the balance in two equal annual installments with interest @ 6% p.a. starting from 31^st March 2017. Accounts are closed on 31^st March each year. Prepare Zubin's Executors Account until he is finally paid.

Answer 1

Dr.	Zubin’s Executors A/c				Cr.
Date	Particulars	(₹)	Date	Particulars	(₹)
2015			2015
August 01	To Cash/Bank A/c	10,300	August 01	By Zubin’s Capital A/c	90,300
August 01	To Zubin Executor’s Loan A/c	80,000
		90,300			90,300

 

Dr.	Zubin’s Executor Loan A/c				Cr.
Date	Particulars	(₹)	Date	Particulars	(₹)
2016			2015
March 31	To Balance c/d	83,200	August 01	By Zubin’s Executor A/c	80,000
			2016	By Interest on Executor’s  Loan A/c	3,200
			March 31	(80,000 × 6/100 × 8/12)
		83,200			83,200
2017			2016
March 31	To Cash/Bank A/c	48,192	April 01	By Balance b/d	83,200
	(40,000 + 3,200 + 4,992)
2017			2017
March 31	To Balance c/d	40,000	March 31	By Interest on Loan A/c (83,200 × 6/100)	4,992
		88,192			88,192
2018			2017
March 31	To Cash/Bank A/c	42,400	April 01	To Balance b/d	40,000
			2018	By Interest on Executor’s  Loan	2,400
			March 31	(40,000 × 6/100)
		42,400			42,400