Question : A, B and C were partners in a firm sharing profits in the ratio of 2:2:1.
The firm closes its books on 31st March, every year. On 31-12-2015 C died. On that date, his Capital account showed a credit balance of Rs.3,80,000 and Goodwill of the firm was valued at Rs. 1,20,000. There was a debit balance of Rs.50,000 in the Profit & Loss A/c.
C’s share of profit in the year of his death was to be calculated on the basis of the average profit of the last five years. The average profit for the last five years was Rs.75,000. Q. Amount due to C transferred to his executors’ account will be -----------
Option 1: 4,00,000
Option 2: RS 4,05,250
Option 3: Rs 4,05,000
Option 4: None of the above
Correct Answer: None of the above
Solution : Answer = None of the above
C's Capital A/C
Hence, the correct option is 4.
Question : A, B and C were partners in a firm sharing profits in the ratio of 1:2:1. The firm closes its books on 31st March every year. On 30th September 2015, B died. On that date, his capital account showed a debit balance of Rs.5,000. There was a debit balance of Rs.
Question : On dissolution of a firm, partners' capital accounts balance was Rs. 80,000 creditors balance was Rs. 12,000 and profit and loss account debit balance was Rs. 6,000. Profit on the realisation of assets was Rs. 7,800. The total amount realised from assets was :
Question :
R, M and P were partners in a firm. P died on 29th February, 2020. His share of profit from the closure of the last accounting year till the date of death was to be calculated on the basis of the average of three completed years of profits
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