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Accountancy · 2025 · 4 marks
Reconstitution of a Partnership Firm – Retirement/Death of a PartnerDeath of a Partner4 marksshort answer
CBSE 2025 · Region 1 · Set 3 · Q22
Raja, Bharat and Vedika were partners in a firm sharing profits and losses in the ratio of 2: 2: 1. Their Balance Sheet as on 31St= March, 2024 was…
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, $\displaystyle 2024$
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.
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Creditors | $\displaystyle 80,000$ | Bank | $\displaystyle 15,000$ |
| General Reserve | $\displaystyle 50,000$ | Stock | $\displaystyle 70,000$ |
| Capitals : | Debtors | $\displaystyle 85,000$ | |
| Raja $\displaystyle 1,10,000$ | Furniture | $\displaystyle 1,20,000$ | |
| Bharat $\displaystyle 1,00,000$ | Machinery | $\displaystyle 1,40,000$ | |
| Vedika $\displaystyle 90,000$ | $\displaystyle 3,00,000$ | ||
| $\displaystyle 4,30,000$ | $\displaystyle 4,30,000$ |
Marking-scheme solution
Books of Raja, Bharat and Vedika
Dr. Vedika’s Capital A/c Cr.
Particulars Amount Particulars Amount
(₹) (₹)
To Drawings A/c $\displaystyle 12,000$ By Balance b/d $\displaystyle 90,000$
To Vedika’s Executors A/c $\displaystyle 1,09,400$ By General Reserve A/c $\displaystyle 10,000$
By Interest on Capital A/c $\displaystyle 2,400$
By P& L Suspense A/c $\displaystyle 3,000$
By Raja’s Capital A/c $\displaystyle 8,000$
By Bharat’s Capital A/c $\displaystyle 8,000$
$\displaystyle 1,21,400$ $\displaystyle 1,21,400$
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