CBSE 2025 · Region 2 · Set 1 · Q22

Simar, Tar vi and Umara were partners in a firm sharing profits and losses in the ratio of $\displaystyle 5$ : $\displaystyle 6$ : 9. On 31st March, $\displaystyle 2024$ their Balance Sheet was as follows : Balance sheet of Simar, Tar vi and Umara as at 31st Mareh, $\displaystyle 2024$ Amount Amount Liabilities Assets (?) (?) Capitals : Fixed Assets $\displaystyle 25,00,000$ Simar $\displaystyle 13,00,000$ Stock $\displaystyle 10,00,000$ Tarlvl $\displaystyle 12,00,000$ Debtors $\displaystyle 8,00,000$ Umara $\displaystyle 14,00,000$ $\displaystyle 39,00,000$ Cash $\displaystyle 7,00,000$ General Reserve $\displaystyle 7,00,000$ Profit and Less Account Trade Payables $\displaystyle 6,00,000$ ($\displaystyle 2023$-$\displaystyle 24$) $\displaystyle 2$, $\displaystyle 00,000$ $\displaystyle 52,00,000$ $\displaystyle 52,00,000$ Umara died on 30th June, 2024. The partnership deed provided for the following on the death of a partner : (i) Goodwill of the firm be valued at $\displaystyle 3$ years purchase of average profits for the last $\displaystyle 5$ years. The profit/loss for the previous four years were : $\displaystyle 2022$-$\displaystyle 23$ : ₹ $\displaystyle 3,10,000$ (loss) $\displaystyle 2021$-$\displaystyle 22$ : ₹ $\displaystyle 3,00,000$ (profit) $\displaystyle 2020$-$\displaystyle 21$ : ₹ $\displaystyle 4,00,000$ (profit) $\displaystyle 2019$-$\displaystyle 20$ : ₹ $\displaystyle 2,50,000$ (profit) (ii) Umara's share of profit or loss till the date of her death was to be calculated on the basis of profit or loss for the year ended 31st March 2024. (a) Calculate Goodwill of the firm. (b) Pass the necessary journal entry for the treatment of goodwill on Umara's death. (Q) Calculate Umara's share in the profit or loss of the firm till the date of her death. (d) Pass the necessary journal entry to record Umara's share of profit or loss till the date of her death.