1.Puneet, Pankaj and Pammy are partners in a business sharing profits and losses in the ratio of 2:2:1 respectively. Their balance sheet as on March 31, 2007 was as follows:
  Books of Puneet, Pankaj and Pammy
    Balance Sheet as on March 31, 2007
    Liabilities Amount
Rs Assets Amount
Rs Sundry Creditors 1,00,000 Cash at Bank 20,000 Capital Accounts:   Stock 30,000 Puneet 60,000   Sundry Debtors 80,000 Pankaj 1,00,000   Investments 70,000 Pammy 40,000 2,00,000 Furniture 35,000 Reserve   50,000 Buildings 1,15,000   3,50,000   3,50,000                      
Mr. Pammy died on September 30, 2007. The partnership deed provided the following: (i) The deceased partner will be entitled to his share of profit up to the date of death calculated on the basis of previous year’s profit. (ii) He will be entitled to his share of goodwill of the firm calculated on the basis of 3 years’ purchase of average of last 4 years’ profit. The profits for the last four financial years are given below: for 2003–04; Rs 80,000; for 2004–05, Rs 50,000; for 2005–06, Rs 40,000; for 2006–07, Rs 30,000.
The drawings of the deceased partner up to the date of death amounted to Rs 10,000. Interest on capital is to be allowed at 12% per annum.
Surviving partners agreed that Rs 15,400 should be paid to the executors immediately and the balance in four equal yearly instalments with interest at 12% p.a. on outstanding balance.
Show Mr. Pammy’s Capital account, his Executor’s account till the settlement of the amount due.