Pl answer this

Pl answer this Q30. Following is the Balance sheet of Punita, Rashi and Seema uho are sharing profits in the ratio 31st March 2013. Liabilities Creditors Bills payable Capitals Punita14400 Rashi92,OOO Seema AMOUNT 38,000 2000 360000 400000 Assets Building Stock Bedtors Cash at Bank Profit and Loss Account AMOUNT 65.000 30,000 5000 Punita died on 3 September 2013. She had withdrawn 44()()() out of her capital on July l, 2013. According to the partnership agreement She was entitled to interest on capital @ 8%. Her share of profit till the date of death was to be calculated on the basis of the average profits of the last three years. Goodwill was to be calculated on the basis of three times the average profits of last four years. The profits for the year ended 2009-10 2010-11 2012-13 30000 70000 80000 account to be rendered to her

Dear Student
                                                                Punita 's Capital A/c

Interest on Capital = 144000*8%*3/12 + 100000*8%*3/12 = 4880
Goodwill of Firm = 30000+70000+80000-60000/4 * 3 = 90000
Punit's Share of Goodwill = 90000*2/5 = 36000 (to be given by Rashi and Seema in 1:2)
Profit of Firm = 70000 + 80000 - 60000/3 = 30000
Punit's Share of Profit = 30000 * 2/5 * 6/ 12 = 6000
Profit & Loss Suspense a/c share = 60000*2/5 = 24000

Regards

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