CBSE 2024 · Region 1 · Set 1 · Q23

Azhar, Sumit and Robit were partners in a firm sharing profits and losses in the ratio of $\displaystyle 3$ : $\displaystyle 1$ : 1. Their Balance Sheet as at 31st March, $\displaystyle 2023$, was as follows : Balance Sheet of Azhar, Sumit and Robit as at 31st March, $\displaystyle 2023$ Amount Amount Liabilities Assets < < Creditors $\displaystyle 90,000$ Bank $\displaystyle 20,000$ General Reserve $\displaystyle 60,000$ Stock $\displaystyle 40,000$ Capitals : Debtors $\displaystyle 1,50,000$ Azhar $\displaystyle 60,000$ Fixed Assets $\displaystyle 60,000$ Sumit $\displaystyle 40,000$ Robit $\displaystyle 20,000$ $\displaystyle 1,20,000$ $\displaystyle 2,70,000$ $\displaystyle 2,70,000$ Robit died on 30th legal representatives were entitled to : (i) Balance in his Capital Account. (ii) His share of General Reserve. (iii) Interest on capital @ $\displaystyle 10$% p.a. (iv) His share of goodwill. Goodwill of the firm was valued on the basis (v) His share in profits up to the date of death on the basis of the profit for the last year. Profit for the previous years were : < $\displaystyle 2019$ $\displaystyle 20$ $\displaystyle (3,000)$ $\displaystyle 2020$ $\displaystyle 21$ $\displaystyle 28,000$ $\displaystyle 2021$ $\displaystyle 22$ $\displaystyle 16,000$ $\displaystyle 2022$ $\displaystyle 23$ $$15,000$