Illustration 24 A, B and C were partners sharing profits in 2 :1: 1. The Bala sheet of the firm as on 31.12.08. Balance Sheet as on 31.12.08 Rs. Assets Rs. 3,000 Liabilities Sundry creditors Bis Payable 11,000 Cash at Bank Bills Receivable 5,000 7,000 Stock Reserve 26.000 21,000 Debtors Capitals 31,000 17,000 Furniture 12.000 15,000 53,000 76,000 74,000 C died on 1.1.2009, this depends were entitled for the following (i) His capital as on the date of the death. (ii) His share of Goodwill. The total of the business was valued at 3 years's purchase of the average profits of last 4 yean The profits were Rs. 21,000, Rs. 25,000, Rs. 12.500, R. 14,500 respectively. (ii) Share in the profit or losses arising out of revaluation of assets and liabilities. Stock Rs. 25,000, Furmiture Rs.10,000 and provision for debsn were made @ 10%. Write the necessary account and ascertain the share of executor's of the deceased. Give the balance sheet of the remainng partners.

Illustration 24 A, B and C were partners sharing profits in 2 :1: 1. The Bala sheet of the firm as on 31.12.08. Balance Sheet as on 31.12.08 Rs. Assets Rs. 3,000 Liabilities Sundry creditors Bis Payable 11,000 Cash at Bank Bills Receivable 5,000 7,000 Stock Reserve 26.000 21,000 Debtors Capitals 31,000 17,000 Furniture 12.000 15,000 53,000 76,000 74,000 C died on 1.1.2009, this depends were entitled for the following (i) His capital as on the date of the death. (ii) His share of Goodwill. The total of the business was valued at 3 years's purchase of the average profits of last 4 yean The profits were Rs. 21,000, Rs. 25,000, Rs. 12.500, R. 14,500 respectively. (ii) Share in the profit or losses arising out of revaluation of assets and liabilities. Stock Rs. 25,000, Furmiture Rs.10,000 and provision for debsn were made @ 10%. Write the necessary account and ascertain the share of executor's of the deceased. Give the balance sheet of the remainng partners.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section: Chapter Questions

Problem 3AP

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