Partnership-Death 41

Vimal, Kamal and Nirmal were partners sharing profit & losses in the ratio of 3: 2: 1. Vimal died on 30th September, 2020. The partnership deed provides that the share of profit of the deceased partner till the date of his death was to be calculated on the basis of the average profits of the … Read more

Partnership-Death 40

Harihar, Hemang and Harit were partners with fixed capitals of ₹3,00,000, ₹2,00,000 & ₹1,00,000 respectively. They shared profits in the ratio of their fixed capitals. Harit died on 31st May, 2020, whereas the firm closes its books of accounts on 31st March every year. According to their partnership deed, Harit’s representatives would be entitled to … Read more

Partnership-Death 39

Sandeep, Maheep and Amandeep were partners in a firm sharing profits in the ratio of 2: 2: 1. The firm closes its books on 31st March every year. On 30th June, 2020 Maheep died. The partnership deed provided that on the death of a partner his executors will be entitled to the following: a) Balance … Read more

Partnership-Death 36

Sonali, Sohan and Shivain were partners in a pen manufacturing firm. They were sharing profits and losses in the ratio of 2 : 2: 1. On 31st March, 2022 their Balance Sheet was as follows: Balance Sheet of Sonali, Sohan and Shivain as on 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Capitals: Land … Read more

Partnership-Death 35

Prakash, Aakash and Vikas were partners in a business sharing profits in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2022 was as follows: Balance Sheet of Prakash, Aakash and Vikas as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Creditors 2,00,000 Bank 40,000 General Reserve … Read more

Partnership-Death 34

Trisha, Anisha and Rishika were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2022 was as follows: Balance Sheet of Trisha, Anisha and Rishika as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Capitals: Plant and Machinery … Read more

Partnership-Death 33

Kanak, Kamal and Kanha are partners in a firm. Their fixed capitals were ₹5,00,000, ₹10,00,000 and ₹15,00,000 respectively. They share profits in the ratio of their fixed capitals. Firm closes its books of accounts on 31st March every year. Kanak died on 30th September, 2021, Kanak’s share of profit till the date of death from … Read more

Partnership-Death 32

The Balance Sheet of A, B and C who were sharing profits in the ratio of 3 : 3 : 4 as at 31st March, 2019 was as follows : Balance Sheet of A, B and C as at 31st March, 2019 Liabilities Amount ₹ Assets Amount ₹ General Reserve 40,000 Cash 4,000 Bills Payable … Read more

Partnership-Death 29

Giriija, Yatin and Zubin were partners sharing profits in the ratio 5 : 3 : 2. Zubin died on 1st August, 2015. Amount due to Zubin’s executor after all adjustments was Rs.  90,300. The executor was paid Rs.  10,300 in cash immediately and the balance in two equal annual instalments with interest @ 6% p.a. … Read more

Partnership-Death 26

Aditi, Kartik and Tina were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2019, their Balance Sheet was as follows :    Balance Sheet of Aditi, Kartik and Tina as at 31st March, 2019  Liabilities  Amount (Rs.)  Assets  Amount (Rs.)  Creditors   96,000  Furniture   … Read more

error: Content is protected !!