A, B and C are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Their books are closed on March 31st every year. B died on September 30th, 2023 and A and C decided to share future profits in 3 : 2. The executors of B are entitled to: His share of Capital i.e., ₹ 25,00,000 along-with his share of goodwill. The total goodwill of the firm was valued at ₹ 1,20,000. His share of profit up to his date of death on the basis of sales till date of death. Sales for the year ended March 31, 2023 was ₹ 3,00,000, and profit for the same year was 10% on sales. Sales show a growth trend of 20% and percentage of profit earning is reduced by 1%. You are required to give answer to the following question: On death of a partner, the amount due to him will be transferred to:

A, B and C are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. On death of a partner, the amount due to him will be transferred to: - Accounts

A, B and C are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Their books are closed on March 31st every year.

B died on September 30th, 2023 and A and C decided to share future profits in 3 : 2. The executors of B are entitled to:

His share of Capital i.e., ₹ 25,00,000 along-with his share of goodwill. The total goodwill of the firm was valued at ₹ 1,20,000.
His share of profit up to his date of death on the basis of sales till date of death. Sales for the year ended March 31, 2023 was ₹ 3,00,000, and profit for the same year was 10% on sales. Sales show a growth trend of 20% and percentage of profit earning is reduced by 1%.

You are required to give answer to the following question:

On death of a partner, the amount due to him will be transferred to:

MCQ

His Executor's Account

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Chapter 4: Retirement or Death of a Partner - Case Based MCQs - 3 [Page 4.71]

Chapter 4 Retirement or Death of a Partner
Case Based MCQs - 3 | Q 3. | Page 4.71