Question 58 Chapter 6 of Class 12 Part – 1 Usha Publication
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 Class 12 Part – 1 Usha Publication: –
We are providing a solution of Question 58 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:
1. Check out the Solution of this question in Video Format:-
The video consists solution of question numbers from 58 to 59 Chapter no. 6 class 12 of Usha publication. To check the direct solution of question no. 58 from the flowing video by using time stamps of the video.
2. Check out the Solution of this question in Article Format:-
| 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 :
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 | |||
| 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 | |||||
Thanks, Please Like and share with your friends
Comment if you have any questions.
End of Solution
Check Out the Solution of all questions of this chapter:
The solution to all questions of Ch 6 Partnership Accounts V (Retirement and Death of A Partner) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
Thanks for completing the chapter. If you understand the question or we have helped you with your homework, please share our website on your social media. We are delighted to help you out.
Thanks again.
Download a PDF of Ch 6 Partnership Accounts V (Retirement and Death of A Partner):
If you want to download a PDF of this chapter then you can do it. Check out our PDF file on our Store page.
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)
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)
Check out Part 2 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication