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Determine the amount payable to the legal representative o

Determine the amount payable to the legal representative o

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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B, C D are partners in a firm. Their Balance Sheet as on 31/12/2021 is as follows: Liabilities R.O Assets R.O Creditors 10,000 12,000 Plant and Machinery 12,000 Furniture and fittings General Reserve 10,000 Capitals: Debtors 5,000 B: 10,000 Stock 15,000 Investment 14,000 C: 10,000 D: 10,000 30,000 Total 54,000 Total 54,000 C died on 30-7-2021. The partnership provides that the representative of the deceased partner shall be entitled to: • Balance of the capital account of the deceases partner • Interest on capital at 3% p.a. up to date of death. • His share of profits up to date of death on the average of last 3 years' profit. • His share of any undistributed profits and losses as per last balance Sheet. • Profits for the last 3 years was OMR 30,000, OMR 40,000, OMR 20000 (Loss) • Determine the amount payable to the legal representative of C.
Transcribed Image Text:B, C D are partners in a firm. Their Balance Sheet as on 31/12/2021 is as follows: Liabilities R.O Assets R.O Creditors 10,000 12,000 Plant and Machinery 12,000 Furniture and fittings General Reserve 10,000 Capitals: Debtors 5,000 B: 10,000 Stock 15,000 Investment 14,000 C: 10,000 D: 10,000 30,000 Total 54,000 Total 54,000 C died on 30-7-2021. The partnership provides that the representative of the deceased partner shall be entitled to: • Balance of the capital account of the deceases partner • Interest on capital at 3% p.a. up to date of death. • His share of profits up to date of death on the average of last 3 years' profit. • His share of any undistributed profits and losses as per last balance Sheet. • Profits for the last 3 years was OMR 30,000, OMR 40,000, OMR 20000 (Loss) • Determine the amount payable to the legal representative of C.
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