Raja, Bharat and Vedika were partners in a firm sharing profits and losses in the ratio of 2:2:1. Their Balance Sheet as on 31st March, 2024 was as follows:
Balance Sheet of Raja, Bharat and Vedika as on 31st March, 2024
| Liabilities | Amount (₹) |
Assets | Amount (₹) |
||
|---|---|---|---|---|---|
| Creditors | 80,000 | Bank | 15,000 | ||
| General Reserve | 50,000 | Stock | 70,000 | ||
| Capitals: | Debtors | 85,000 | |||
| Raja | 1,10,000 | Furniture | 1,20,000 | ||
| Bharat | 1,00,000 | Machinery | 1,40,000 | ||
| Vedika | 90,000 | 3,00,000 | |||
| 4,30,000 | 4,30,000 | ||||
Vedika died on 31st July, 2024. According to the partnership deed, her legal representatives are entitled to the following:
- Balance in her capital account
- Interest on capital @ 8% p.a.
- Her share in the profit upto the date of death to be calculated on the basis of last year’s profit. Vedika’s share of profit was ₹3,000.
- Her share of goodwill calculated on the basis of two years purchase of average profits of last three years. The average profit of last three years was ₹40,000. Vedika’s drawings upto the date of death were ₹12,000.
Prepare Vedika’s Capital Account to be rendered to her executors.
Marks-4, CBSE: 2024-25/Zone-1/Set-1/Q-22
Answer :
