SolveIt is under development
SolveItNCERT · CBSE · NEET
Question 143 / 250 · latest first
✓ Board-verified
Accountancy · 2024 · 4 marks

CBSE 2024 · Region 2 · Set 3 · Q21

Aditi, Renu and Varsha were partners in a firm sharing profits and losses in the ratio of 3: 2: 5. On 31st March, 2023 their Balance Sheet was as…

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, $\displaystyle 2023$
LiabilitiesAmount (₹)AssetsAmount (₹)
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.
ShareWhatsAppTelegram

More from Reconstitution of a Partnership Firm – Retirement/Death of a Partner

CBSE Class 12 Accountancy past-paper question from the 2024 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.