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CBSE CLASS XII

Ram, Mohan and Sohan shared profits and losses in the ratio of 2 : 2 : 1. Sohan died on 31st March,2003. Under the partnership agreement, the executor of Sohan was entitled to:

1. Amount standing to the credit of his Capital Account.
2. Interest on capital which amounted to Rs.150
3. His share of goodwill Rs.5,000.
4. His share of profits from the closing of last financial year to the date of death which amounted to Rs.750.

Sohan’s executor was paid Rs.14,00 on 1st April,2003 and the balance in four equal yearly instalments from March31,2004 with interest @ 6% p.a.
Pass the necessary journal entries and draw up Sohan’s Account to be rendered to his executor and Sohan’s Executor Account till it is finally paid.

Q. 49. X, Y and Z are in partnership sharing equally. Z died on 31st March,2007. The Balance Sheet of the firm on 31st December,2006 stood as follows:

In order to arrive at the balance due to Z it was mutually agreed that:

1. Land & Building be valued at Rs.1,25,000.
2. Investment fluctuation fund be brought upto Rs.1,350.
3. Debtors were all good, no provision is required.
4. Stocks are valued at Rs.23,500.
5. Goodwill be valued at one year’s purchase of the average profits of the past five years.
6. Z’s share of profits to the date of death be calculated on the basis of average profit of the preceding three years.

The profits of the last preceding five years were as under: 2002- Rs.28,750; 2003-Rs.35,000; 2004-Rs22,500; 2005-Rs.20,000 and 2006-Rs.25,000.
You are required to show the Revaluation Account; the Partner’s Capital Account; and the Balance Sheet of the new firm as on 31st March,2007.

Paper By Mr. Rahul Kadd
Email Id : [email protected]
Phone No. : 9212197510
Oscar Academy- BN - 4 (East),
Shalimar Bagh, Delhi-88