InterviewSolution
Saved Bookmarks
InterviewSolution
| 1. |
P, Q and R were partners in a firm sharing profits in 2 : 2 : 1 ratio. The Partnership Deed provided that on the death of a partner his executors will be entitled to the following:(a) Interest on Capital 12% p.a.(b) Interest on Drawings 18% p.a.(c) Salary of ₹ 12,000 p.a.(d) Share in the profit of the firm (up to the date of death) on the basis of previous year's profit.P died on 31st May, 2018. His capital was ₹ 80,000. He had withdrawn ₹ 15,000 and interest on his drawings was calculated as ₹ 1,200. Profit of the firm for the previous year ended 31st March, 2018 was ₹ 30,000.Prepare P's Capital Account to be rendered to his executors. |
|
Answer» P, Q and R were partners in a firm sharing profits in 2 : 2 : 1 ratio. The Partnership Deed provided that on the death of a partner his executors will be entitled to the following: (a) Interest on Capital 12% p.a. (b) Interest on Drawings 18% p.a. (c) Salary of ₹ 12,000 p.a. (d) Share in the profit of the firm (up to the date of death) on the basis of previous year's profit. P died on 31st May, 2018. His capital was ₹ 80,000. He had withdrawn ₹ 15,000 and interest on his drawings was calculated as ₹ 1,200. Profit of the firm for the previous year ended 31st March, 2018 was ₹ 30,000. Prepare P's Capital Account to be rendered to his executors. |
|