CBSE 2023 · Region 1 · Set 1 · Q22

Sudhir, Deepak and Naveen were partners in a firm sharing profits and losses in the ratio of $\displaystyle 2$ : $\displaystyle 2$ : 1. On 31st March, $\displaystyle 2022$ their Balance Sheet was as under : Balance Sheet of Sudhir, Deepak and Naveen as at 31st March, $\displaystyle 2022$ Amount Amount Liabilities Assets < < Creditors $\displaystyle 50,000$ Land and Building $\displaystyle 2,10,000$ General Reserve $\displaystyle 1,00,000$ Machinery $\displaystyle 1,90,000$ Loan $\displaystyle 1,20,000$ Stock $\displaystyle 30,000$ Capitals : Investments $\displaystyle 1,70,000$ Sudhir $\displaystyle 1,60,000$ Advertisement Suspense A/c $\displaystyle 1,20,000$ Deepak $\displaystyle 1,50,000$ Naveen $\displaystyle 1,40,000$ $\displaystyle 4,50,000$ $\displaystyle 7,20,000$ $\displaystyle 7,20,000$ Sudhir died on 30th June, 2022. The partnership deed provided for the following, on the death of a partner : $\displaystyle 1$ years purchase of (i) Goodwill of the firm was to be valued at $\displaystyle 2$ $\displaystyle 2$ average profits of the previous four years which were ₹ $\displaystyle 1,80$,000. (ii) Sudhir's share of profit or loss till the date of death was to be calculated on the basis of sales. Sales for the year ended 31st March, $\displaystyle 2022$ amounted to ₹ $\displaystyle 4,00,000$ and that from 1st April, $\displaystyle 2022$ to 30th June, $\displaystyle 2022$ amounted ₹ $\displaystyle 1,50$,000. The profit for the year ended 31st March, $\displaystyle 2022$ was ₹ $\displaystyle 1,00$,000. (iii) Interest on capital was to be provided @ $\displaystyle 7$% p.a. Prepare Sudhir's capital account to be rendered to his executors.