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 and Buildings | 6,00,000 | |
| Sonali 4,00,000 | Plant and Machinery | 5,00,000 | |
| Sohan 4,00,000 | Debtors | 1,60,000 | |
| Shivain 4,00,000 | 12,00,000 | Stock | 1,40,000 |
| General Reserve | 1,00,000 | Cash in hand | 1,20,000 |
| Creditors | 3,60,000 | Cash at Bank | 1,80,000 |
| Bills Payable | 40,000 | ||
| 17,00,000 | 17,00,000 |
Sohan died on 30h June, 2022. According to Partnership Deed, his executors were entitled to:
- Interest on capital @ 12% p.a.
- His share of goodwill which was ₹48,000
- His share of profit till the date of death was to be calculated on the basis of sales. The sales from 1st April, 2022 to 30th June, 2022 were ₹2,50,000. The sales and profits of the firm for the year ending 31st March, 2022 were ₹20,00,000 and ₹5,00,000 respectively.
Prepare Sohan’s Capital Account to be presented to his executors.
Marks-4, CBSE:2022-23/Zone-5/Set-1/Q-22