# question 11 solution plz​ ​Q11. Following is the Balance Sheet of Punita, Rashi and Seema who are sharing profits in the ratio 2 : 1 : 2 as on 31st March 2016 :  Liabilities   Amount (Rs.)  Assets   Amount (Rs.) Creditors  Bills payable  Capitals :                Punita          1,44,000                Rashi               92,000                Seema          1,24,000    38,000      2,000 3,60,000 Building  Stock Debtors Cash at Bank Profit and Loss Account      2,40,000      65,000      30,000        5,000      60,000     4,00,000     4,00,000   Punita died on 30th September 2016. She had withdrawn Rs. 44,000 from capital on July 1, 2016. According to the partnership agreement, she was entitled to interest on capital @ 8% p.a. 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 profit of the last four year. The profit for the year ended 2012-13, 2013-14 and 2014-15 were Rs. 30,000 Rs. 70,000 and Rs. 80,000 respectively.        Prepare Punita 's account to be rendered to her executors .

DEAR STUDENT, 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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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
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