Trisha, Anisha and Rishika were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance sheet as at 31s March
Trisha, Anisha and Rishika were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance sheet as at 31s March, 2022 was as follows:
Balance Sheet of Trisha and Rishika as at 31st March, 2022
| Liabilities | ₹ | Assets | ₹ |
|
Capital A/cs: Trisha Anisha Rishika General Reserve Creditors |
3,00,000 2,00,000 1,00,000 50,000 50,000 |
Plant and Machinery Stock Debtors Cash at Bank |
5,00,000 1,00,000 60,000 40,000 |
| Â | 7,00,000 | Â | 7,00,000 |
Trisha died on 31st July, 2022. According to the partnership deed, the executors of the deceased partner were entitled to:
(I) Balance in Partner’s Capital Account.
(ii) Salary @ ₹ 15,000 per quarter.
(iii) Share of goodwill calculated on the basis of twice the average of past three year’s profits.
(iv) Share of profits from the closure of the last accounting year till the date of death on the basis of last year’s profit. Profit for 2019-20, 2020-21 and 2021-22 were ₹ 1,00,000, ₹ 2,00,000 and ₹ 1,50,000 respectively.
(v) Trisha withdrew ₹ 20,000 on 1st May, 2022 for her personal use.
Showing your working clearly, prepare Trisha’s Capital Account to be rendered to her executors.
[Ans.: Amount due to Trisha’s Excecutors – ₹ 4,60,000.]
Anurag Pathak Changed status to publish June 10, 2024
