Question : A, B and C were partners in a firm sharing profits in the ratio of 1:2:1. The firm closes its books on 31st March every year. On 30th September 2015, B died. On that date, his capital account showed a debit balance of Rs.5,000. There was a debit balance of Rs. 30,000 in the Profit and Loss Account. The goodwill of the firm was valued at Rs.3,80,000. B’s share of profit in the year of his death was to be calculated on the basis of an average profit of 5 years, which was Rs.90,000. Amount due to B’s Executor account will be -----
Option 1: Rs 1,82,500
Option 2: Rs 1,92,500
Option 3: Rs 1,75,000
Option 4: None of the above
Correct Answer: Rs 1,92,500
Solution : Answer = Rs 1,92,500
B's Capital A/c
To Profit and loss A/c
(30000 x 2/4)
By Goodwill
(3,80,000 x 2/4)
By Profit and loss Susp. A/c
(90,000 x 2/4 x 6/12)
Hence, the correct option is 2.
Question : A, B and C were partners in a firm sharing profits in the ratio of 2:2:1.
The firm closes its books on 31st March, every year. On 31-12-2015 C died. On that date, his Capital account showed a credit balance of Rs.3,80,000 and Goodwill of the firm was valued
Question : On the dissolution of a firm, the partners' capital accounts balance was Rs 63,000; the creditor's balance was Rs 12,000 and the profit & loss account debit balance was Rs 7,500. Profit on the realisation of assets was Rs 7,800. The total amount realised from
Question : On dissolution of a firm, partners' capital accounts balance was Rs. 80,000 creditors balance was Rs. 12,000 and profit and loss account debit balance was Rs. 6,000. Profit on the realisation of assets was Rs. 7,800. The total amount realised from assets was :
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