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Question 58 Chapter 6 of +2-Part-1
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58. (Deceased Partner’s Ac) Following is the balance sheet of Tony, Sony and Remy as on March 31, 2019 :
| Liabilities | Rs. | Assets | Rs. | |
| Sundry Creditors | 16,000 | Bills Receivable | 16,000 | |
| General reserve | 16,000 | Furniture | 22,600 | |
| Capital A/c | Stock | 20,400 | ||
| Tony | 30,000 | Sundry Debtors | 22,000 | |
| Sony | 20,000 | Cash at Bank | 18,000 | |
| Romy | 20,000 | 70,000 | Cash in Hand | 3,000 |
| 1,02,000 | 1,02,000 |
Sony died on June 30, 2019. Under the terms of the partnership deed, the executors of a deceased partner were entitled to:
- Amount standing to the credit of the partner’s capital account.
- Interest an capital at 5% per annum.
- Share of goodwill on the basis of twice the average of the past three years’ profit and
- Share of profit from the closing of the last financial year to the date of death on the basis of the last three year’s profit.
Profits for 2013-14, 2014-15 and 2015-16 were Rs. 12,000, Rs. 16,000 and Rs. 14.000 respectively.
Profits were shared in the ratio of capitals. Draw up the Sony’s Account to be rendered to his executors .
The solution of Question 58 Chapter 6 of +2 Part-1: –
| Sony’s Capital A/c | |||||
| Particulars | Amount | Particulars | Amount | ||
| To Sony‘s executor’s A/c | 33,821 | By balance b/d | 20,000 | ||
| By general reserve | 4,571 | ||||
| By interest on capital A/c | 250 | ||||
| By Tony’s capital A/c | 4,800 | ||||
| By Romy’s capital A/c | 3,200 | ||||
| By profit & loss Suspense A/c | 1,000 | ||||
| 33,821 | 33,821 | ||||
Working notes :
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1.) Interest on capital :
| 1.) interest in on capital | = | 5 | x | 3 | x | 20,000 |
| 100 | 12 | |||||
| = | Rs 250 | |||||
1.) Share of goodwill :
| Total goodwill of firm | = | 12,000+16,000+14,000 | X 2 |
| 3 | |||
| = | Rs 28,000 |
| Sony’s share being 2/7 | = | 2 | x | 28,000 |
| 7 | ||||
| = | Rs 8,000 | |||
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| Tony’s gain | = | 3 | x | 8,000 |
| 5 | ||||
| = | Rs 4,800 | |||
| Romy’s gain | = | 2 | x | 8,000 |
| 5 | ||||
| = | Rs 3,200 | |||
| 3.) Share of Profit: | = | 2 | x | 3 | x | 14,000 |
| 7 | 12 | |||||
| = | Rs 1,000 | |||||
Comment if you have any questions.
End of Solution
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
Chapter No. 2 – Partnership Accounts – I (Introduction)
Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
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Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
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