CBSE 2025 · Region 1 · Set 3 · Q22

Raja, Bharat and Vedika were partners in a firm sharing profits and losses in the ratio of $\displaystyle 2$ : $\displaystyle 2$ : 1. Their Balance Sheet as on 31St= March, $\displaystyle 2024$ was as follows : Balance Sheet of Raja, Bharat and Vedika as on 31st March, $\displaystyle 2024$ Amount Amount Liabilities Assets (?) (?) Creditors $\displaystyle 80,000$ Bank $\displaystyle 15,000$ General Reserve $\displaystyle 50,000$ Stock $\displaystyle 70,000$ Capitals : Debtors $\displaystyle 85,000$ Ra] a $\displaystyle 1,10,000$ Furniture $\displaystyle 1,20,000$ Bharat $\displaystyle 1,00,000$ Machinery $\displaystyle 1,40,000$ Vedika $\displaystyle 90,000$ $\displaystyle 3$, $\displaystyle 00,000$ $\displaystyle 4,30,000$ $\displaystyle 4,30,000$ Vedika died on 31st= July, 2024. According to the partnership deed, her legal representatives are entitled to the following : (i) Balance in her capital account (ii) Interest on capital @ $\displaystyle 8$% p.a. (iii) Her share in the profit upto the date of death to be calculated on the basis of last year's profit. Vedika's share of profit was ₹ $\displaystyle 3$,000. (iv) Her share of goodwill calculated on the basis of two years purchase of average profits of last three years. The average profit of last three years was ₹ $\displaystyle 40$,000. Vedika's drawings upto the date of death were ₹ $\displaystyle 12$,000. Prepare Vedika's Capital Account to be rendered to her executors.