Question : P, A and L are partners in a firm sharing profits and losses in the ratio of 3: 2 : 1 respectively. Angad died and his claim, including Capital and entitlements from the firm including his share of Goodwill of the firm, is Rs. 50,000. After this amount was determined, it was found that there was an unrecorded piece of furniture valued at Rs. 12,000 which had to be recorded. Upon recording this piece of furniture, the revised amount due to A’s executor was determined and settled by giving him this piece of furniture and the balance in cash.
Q. Amount Due to A’s executor account will be
Option 1: Rs 48,000
Option 2: Rs 50,000
Option 3: Rs 54,000
Option 4: Rs 46,000
Correct Answer: Rs 54,000
Solution : Answer = Rs 54,000
Total Claim Including Capital + Goodwill = 50,000
(+) Revaluation (Profit) =
4000
(12000 × 2/6)
54000
Hence, the correct option is 3.
