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Question 53 Chapter 6 of Class 12 Part – 1 Usha Publication
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:
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 10,000 | Plant & Machinery | 20,000 |
| General reserve | 10,000 | Furniture & Fixtures | 2,500 |
| A’s capital | 20,000 | Stock | 10,500 |
| B’s capital | 15,000 | Debtors | 15,000 |
| C’s capital | 5,000 | Investments | 12,000 |
| 60,000 | 60,000 |
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)
We are providing a solution of Question 53 Chapter 6 of Class 12 Part – 1 Usha Publication in two formats. one is in Video format and another is in article format. Check out both formats as follows:
The video consists solution of question numbers from 52 to 54 Chapter no. 6 class 12 of Usha publication. To check the direct solution of question no. 53 from the flowing video by using time stamps of the video.
Calculation of the amount payable to the legal representative of B
| Particulars |
Amount | |
|---|---|---|
| Capital as per the last balance sheet | 15,000 | |
| Add: | ||
| - Interest on capital for 6 months @ 6 % p.a. | 450 | |
| - Share of profit for 6 months | ||
| Average profit (1/3) X (65000+64000+69000)= Rs. 66,000 | ||
| Profit for 6 months = (1/2) X Rs. 66,000 = Rs.33,000 | ||
| B’s share = (1/3) X Rs. 33,000 | 11,000 | |
| - Share of General Reserve = (1/3) X Rs. 10,000 | 3,333 | |
| 29,783 | ||
| Less: drawings | 10,000 | |
| - Interest on drawings[(10/100)X10,000X(3/2)] | 250 | 10,250 |
| Total Amount payable | 19,533 | |
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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