CBSE 2024 · Region 2 · Set 3 · Q21

Aditi, Renu and Varsha were partners in a firm sharing profits and losses in the ratio of $\displaystyle 3$ : $\displaystyle 2$ : 5. On 31st March, $\displaystyle 2023$ their Balance Sheet was as under : Balance Sheet of Aditi, Renu and Varsha as at 31st March, $\displaystyle 2023$ Amount Amount Liabilities Assets < < Capitals : Buildings $\displaystyle 6,00,000$ Aditi $\displaystyle 5,00,000$ Machinery $\displaystyle 3,00,000$ Renu $\displaystyle 4,00,000$ Stock $\displaystyle 1,00,000$ Varsha $\displaystyle 3,00,000$ $\displaystyle 12,00,000$ Patents $\displaystyle 1,50,000$ General Reserve $\displaystyle 1,00,000$ Debtors $\displaystyle 2,50,000$ Creditors $\displaystyle 2,00,000$ Cash $\displaystyle 1,00,000$ $\displaystyle 15,00,000$ $\displaystyle 15,00,000$ Varsha died on 31st July, 2023. The partnership deed provided for the following, on the death of a partner : (i) Interest on capital was to be provided @ $\displaystyle 6$% p.a. (ii) Goodwill of the firm was to be valued at $\displaystyle 3$ years purchase of average profits of the previous five years which were ₹ $\displaystyle 90$,000. (iii) Varsha's share of profit or loss till the date of death was to be calculated on the basis of sales. Sales for the year ended 31st March, $\displaystyle 2023$ amounted to ₹ $\displaystyle 60,00,000$ and that from 1st April, $\displaystyle 2023$ to 31st July, $\displaystyle 2023$ amounted to ₹ $\displaystyle 15,00$,000. The profit for the year ended 31st March, $\displaystyle 2023$ was ₹ $\displaystyle 12,00$,000. Prepare arsha's Capital Account to be rendered to her executors.