Question : L, M and R were partners sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on March 31 every year. On June 30, 2017, R died. The following information is provided on R’s  death:

(i) Balance in his capital account in the beginning of the year was Rs.6,50,000.
(ii) He withdrew Rs.60,000 on May 15, 2017 for his personal use.
On the date of death of a partner the partnership deed provided for the following:
(a) Interest on capital @ 10 % per annum.
(b) Interest on drawings @ 12 % per annum.
(c) His share in the profit of the firm till the date of death, to be calculated on the basis of the rate of Net Profit on Sales of the previous year, which was 25 %. The Sales of the firm till June 30, 2017 were Rs.6,00,000.

Amount due to R’s Executor’s is

 

Option 1: Rs.93,530
 

Option 2: Rs.93,500

Option 3: Rs.90,000

Option 4: Rs.90,535

Question : Sindhu, Rahul and Kamlesh, who were sharing profits in the ratio of 3 : 3 : 4 respectively, as at 31st March, 2012 was as follows  balance of capital are Sindhu: 1,20,000   Rahul 1,00,000  Kamlesh: 80,000 Sindhu’s loan 20,000 (debit

Question : Sara, Sita and Meena were partners in a firm sharing profits and losses in the ratio of 2: 2: 1. Sara died on 30th June, 2017, whereas the firm closes its books on 31st March every year. According to their Partnership Deed Sara's representatives would be entitled to get

Question : Sara, Sita and Meena were partners in a firm sharing profits and losses in the ratio of 2: 2: 1. Sara died on 30th June, 2017, whereas the firm closes its books on 31st March every year. According to their Partnership Deed Sara's representatives would be entitled to get

Question : Sharma, Verma and Goyal are partners in a firm. On 1st April 2012 the balances in their Capital Accounts were as follows:
Sharma Rs. 4,00,000; Verma Rs. 4,20,000 and Goyal Rs. 3,70,000. The firm closes its accounts every year on 31st March. Verma died on 30th September

Question : Sharma, Verma and Goyal are partners in a firm. On 1st April 2012 the balances in their Capital Accounts were as follows:
Sharma Rs. 4,00,000; Verma Rs. 4,20,000 and Goyal Rs. 3,70,000. The firm closes its accounts every year on 31st March. Verma died on 30th September