Ques 119: Prepare Seth's capital a/c transferring amount due to Seth's Heir's loan a/c Clearly show your calculations - Accountancy - Reconstitution- Retirement/Death of a Partner

Question

Ques 119: Prepare Seth's capital a/c transferring amount due to
Seth's Heir's loan a/c Clearly show your calculations

Sakshi Gupta · Accepted Answer

Dear student
SETH's CAPITAL ACCOUNT

PARTICULARS
AMOUNT
PARTICULARS
AMOUNT

To sett's executor A/C
1,28,000
By balance b/d
60,000

By reserve A/C
12,000

By bhatt A/C (goodwill)
50,400

By profit and loss suspense A/C
5,600

1,28,000

WORKING NOTE;
1
 Share of reserve = 30,000×25 = Rs
 12,0002
 share of goodwill:total profit = 41,800+39,200+45,000 = Rs
 1,26,000Seth's share of goodwill = 1,26,000×25= Rs
 50,4003
 share in profit :total profit = Rs
 1,26,000Average profit = 1,26,0003= 42,000Average profit till the time of sett's death i
e 4 months = 42,000×412=Rs
 14,000seth's share of profit = 14,000×25=5,600

Regards

PARTICULARS	AMOUNT	PARTICULARS	AMOUNT
To sett's executor A/C	1,28,000	By balance b/d	60,000
		By reserve A/C	12,000
		By bhatt A/C (goodwill)	50,400
		By profit and loss suspense A/C	5,600

	1,28,000		1,28,000

Ques 119: Prepare Seth's capital a/c transferring amount due to Seth's Heir's loan a/c. Clearly show your calculations.