Question : A, B and C were partners sharing profits in the proportion of one-half, one-fourth and one-fourth respectively. As of March 31, 2018, A’s capital is Rs 1,00,000 and A’s loan account ( debit Balance ) is Rs 30,000. A died on 1st April 2018. According to the partnership agreement, the goodwill was to be calculated at two two-year purchases of average profits of three completed years preceding the death or retirement of a partner. The deceased partner’s share of capital and goodwill, etc., was paid out in cash on 4th April 2018, the available cash balance being supplemented by a loan from the film’s banker on the security of the freehold property. The net profits of the years ending 31st March 2016, 2017 and 2018 were Rs.55,000, Rs.48,000 and Rs.65,000 respectively. Q. Amount due to A transferred to his Executor’s A/c will be --------
Option 1: Rs 1,00,000
Option 2: Rs 1,26,000
Option 3: Rs 2,00,000
Option 4: None of the above
Correct Answer: None of the above
Solution : Answer = None of the above
Total Profit of Lost of 3 years = 55000 + 48000+65000 = 1,68,000 Average Profit = 1,68000/3 = 50000 Goodwill = 56000 × 2 = 1,12000 A's Share = 1,12000 × 2/4 = 56000 B's Capital A/c Dr. 28000 C's Capital A/c Dr. 28000 To A'c Capital A/c 56000 (G.Ratio = 1:1) A's Capital A/c
Hence, the correct option is 4.
Question : A, B and C were partners sharing profits in the proportion of one-half, one-fourth and one-fourth respectively. As at March 31, 2018 A’s capital Rs 1,00,000 and A’s loan account (debit Balance ) Rs 30,000. A died on 1st April, 2018. According to the
Question : A, B and C were partners sharing profits in the proportion of one-half, one-fourth and one-fourth respectively. As of March 31,2018, A’s capital is Rs 1,00,000 and A’s loan account ( debit Balance ) is Rs 30,000. A died on 1st April 2018. According to the
Question : A, B and C were partners sharing profits in the proportion of one-half, one-fourth and one-fourth respectively. As of March 31, 2018, A’s capital is Rs 1,00,000 and A’s loan account ( debit Balance ) is Rs 30,000. A died on 1st April 2018. According to the
Question : Which of the following statements is not true?
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