CBSE 2023 · Region 2 · Set 2 · Q22

M, B and V were partners in a firm sharing profits & losses in the ratio of $\displaystyle 6$:$\displaystyle 3$:1. On 30th September, $\displaystyle 2022$, V died. Their partnership deed provided for the following payments on the death of a partner : (i) Balance in partner's capital account. Balance in V's capital account on 31st March, $\displaystyle 2022$ was ₹ $\displaystyle 1,50$,000. (ii) Salary till the date of death. V was allowed a monthly salary of ₹ $\displaystyle 50$,000. (iii) Share of goodwill which will be calculated on the basis of three years purchase of average profits of three completed years prior to death. The total profit of last three completed years was ₹ $\displaystyle 1,50$,000. (iv) Share in the profits of the firm till the date of death calculated on the basis of average profits of the last three completed years. (v) V had withdrawn ₹ $\displaystyle 10,000$ on 1st July, $\displaystyle 2022$ for personal use. Interest on her drawings amounted to $\displaystyle 5$ 500. Firm closes its accounts every year on 31st March. Prepare V's capital account to be presented to her executors.