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CBSE CLASS XII

Q. 47. Bhatt and Seth were carrying on a business in partnership sharing profits and losses in the ratio of 3 : 2 respectively. They closed their books of account every year on 31st March. Their Balance Sheet as on 31st March,2007 was as follows:

Seth died on 1st August,2007. Partnership Deed provided that in the event of death of a partner’s heirs would be entitled to be paid out:

1. Capital to hid credit at the date of death.
2. His share of reserve at the date of the last Balance Sheet.
3. His share of profits to the date of his death based on the average profits of the last three accounting years.
4. By way of goodwill his share of total profits for the preceding three accounting years. The profits for the three preceding accounting years were as follows:

Prepare Seth’s Capital Account transferring amount due to Seth’s heir’s loan Account. Clearly show your calculations.

Q. 48. Following is the balance sheet of Ram, Mohan and Sohan as on 31st December,2002;

Paper By Mr. Rahul Kadd
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