14.

Singh, sultan and David are partners in a firm sharing profits in the ratio of 2:2:1 respectively. Firm closes its accounts on 31st March every year. Sultan died on 30th September 2012. There was a balance of Rs.96,000 in Sultans Capital Account in the beginning of the year. in the event of death of any partner, the partnership deed provides for the following:

(i) Interest on capital will be calculated at the rate of 12% p.a.
(ii) The executor of deceased partner shall be paid to his executor.
(iii) His share of Reserve Fund which is Rs.10,000 shall be paid to his executor.
(iv) His share of profit till the date of death will be calculated on the basis of sales. It is also specified that the sales during the year 30th September, 2012 were Rs.1,50,000. The profit of the firm for the year ending 31st March 2012 was Rs.1,00,000.
Prepare Sultans Capital Account to be presented to his executor.

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