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Question 49 Chapter 6 - Unimax Class 12 Part 1 - 2021
49. X, Y and Z were partners in a firm sharing profits in the ratio of 3:2:1. The firm closes it’s a/cs on 31st March every year. X died on 30-9-2021. On that date credit balance in his capital a/c was ₹30000. The firm had general reserves of ₹ 16000 on that date .The partnership deed provided that on the death of a partner:
Prepare X’s capital a/c To be shown to his executors.
X's capital Account
| Particulars | Amount | Assets | Amount |
|---|---|---|---|
| To X’s executors loan a/c | 65,500 | By balance b/d | 30,000 |
| By reserve a/c (16000×3/6) | 8,000 | ||
| By interest on capital a/c (30000×10/100×6/12) | 1,500 | ||
| By Y‘s capital a/c (22500) | 15,000 | ||
| By Z’s capital a/c | 7,500 | ||
| By P/L susp. a/c (14000×6/12×3/6) | 3,500 | ||
| 65,500 | 65,500 |
Working Note:
https://tutorstips.com/retirement-of-a-partner-explained-with-illustration/
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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