Question 46 Chapter 6 - Unimax Class 12 Part 1 - 2021

1. Amount standing to the credit of partner’s capital a/c.
2. Interest on capital at 12% p.a.
3. Share of Goodwill on the basis of gourmet years purchase of last three years average profit.
4. 4) Share of profit from the closing of last financial year to the date of death on the basis of last year profit. Profits for the year 2018-19, 2019-20, and 2020-21 were ₹8000, ₹ 12000 and ₹ 7000 respectively.

Prepare A’s capital a/c to be rendered to his executors.

The solution of Question 46 Chapter 6 - Unimax Class 12 Part 1: -

A's capital account

Particulars	Amount	Assets	Amount
To A’s executor loan a/c	48,190	By Balance b/d	24,000
		By res. A/c 6000×3/6	3,000
		By int. On capital a/c 24000×12/100×6/12	1,440
		Capital
		B	12,000
		C	6,000
		By p/L susp. a/c 3000×6/12×3/6	1,750
	48,190		48,190

Working note:
A’s share of Goodwill = 8000/3+ 12000/3+ 7000/3 × 4 × 3/6 = ₹ 18000.

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T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 - Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 - Accounting for Partnership Firms - Fundamentals
• Chapter No. 3 - Goodwill: Nature and Valuation
• Chapter No. 4 - Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 - Admission of a Partner
• Chapter No. 6 - Retirement/Death of a Partner
• Chapter No. 7 - Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 - Company Accounts -  Accounting for Share Capital
• Chapter No. 9 - Company Accounts - Issue of Debentures
• Chapter No. 10 - Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 - Financial Statements of a Company
• Chapter No. 2 - Financial Statement Analysis 
• Chapter No. 3 - Tools of Financial Statement Analysis - Comparative Statements and Common- Size Statements
• Chapter No. 4 - Accounting Ratios
• Chapter No. 5 - Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication