Question 53 Chapter 6 of +2 Part-1 - USHA Publication 12 Class Part - 1

Question 53 Chapter 6 of +2-Part-1

53. (Amount Payable to deceased Partner's Legal Representative) A , B and Care partners in a firm their balance sheet as at 31 December, 2017 is given below:

B died on 30 June, 2018. The Partnership Deed provides that the representatives of the deceased partner shall be entitled to :
(i) Deceased partner's capital as appearing in last Balance sheet.
(ii) Interest on capital @ 6% pa up to the date of death.
(ii) His share of profit up to the date of death on the average of last three year's profit.
(iv) His share of any undistributed profits and losses as per last balance sheet.
(v) Interest on his drawings up to the date of death will be charged 10% pa Profits for the last three years were Rs. 65,000, Rs. 64.000 and Rs. 69,000.
B's drawings up to the date of death amounting to Rs. 10,000, Ascertain the amount payable to the legal representative of B (goodwill excluded)