CBSE 2023 · Region 5 · Set 1 · Q22

Somali, Sohan and Shivain were partners in a pen manufacturing firm. They were sharing profits and losses in the ratio of $\displaystyle 2$ : $\displaystyle 2$ : 1. On 31st March, $\displaystyle 2022$ their Balance Sheet was as follows : Balance Sheet of Sonali, Sohan and Shivain as on $\displaystyle 31$" March, $\displaystyle 2022$ Amount Amount Liabilities Assets c?) c?) Capital Accounts : Land and Building $\displaystyle 6,00,000$ Somali - $\displaystyle 4,00,000$ Plant and Machinery $\displaystyle 5,00,000$ Sohan - $\displaystyle 4,00,000$ Debtors $\displaystyle 1,60,000$ Shivam - $\displaystyle 4,00,000$ $\displaystyle 12,00,000$ Stock $\displaystyle 1,40,000$ General Reserve $\displaystyle 1,00,000$ Cash in hand $\displaystyle 1,20,000$ Creditors $\displaystyle 3,60,000$ Cash at Bank $\displaystyle 1,80,000$ Bills payable $\displaystyle 40,000$ $\displaystyle 17,00,000$ $\displaystyle 17,00,000$ Sohan died on 30th June, 2022. According to Partnership Deed, his executors were entitled to : (i) Interest on capital @ $\displaystyle 12$% p.a. (ii) His share of goodwill which was ₹ $\displaystyle 48$,000. (iii) His share of profit till the date of death was to be calculated on the basis of sales. The sales from 1st April, $\displaystyle 2022$ to 30th June, $\displaystyle 2022$ were ₹ $\displaystyle 2,50$,000. The sales and profits of the firm for the year ending $\displaystyle 315$* March, $\displaystyle 2022$ were ₹ $\displaystyle 20,00,000$ and ₹ $\displaystyle 5,00,000$ respectively. Prepare Sohan's Capital Account to be presented to his executors.