↵ Solution pls
14. X,Y and Z were in patnership and sharing profit and losses in the propration of 2:1:2
Their fixed capital were Rs 200000,Rs 150000 and Rs 200000 respectively ,The firm closed
its book, on 31st March every year. On 31st March, 2015, Y died.The executer of decreased partner
according to the agreement was entitled for the following
Interest on capital from the first day of the accounting year till the date of his death @10% p.a
(ii) His share of goodwill: The goodwill of the firm Was valued at Rs 300000 on
Y's death.
(iii) His share of profits: The profit of the firm for the year ended 31st March 2015 was Rs 150000
According to Y's will, the executor should donate his share paid by the firm to a
"Home for physically challenged children'. Executor was paid the sum due in two
equal annual instalments with interest@10%p.a. beginning 31st March,2016. prepare Y's
Capital Account as on 31st March, 2015 to be presented to his executor and his
Executor's Loan Account for the year ending 31st March, 2016 and 31st march 2017
Also identify the value being highlighted in this case.
Dear Student,
Value Involved:
(a) Care for Differently Abled
| Y’s Capital Account | |||||
| Dr. | Cr. | ||||
| Particulars | Amount Rs |
Particulars | Amount Rs |
||
| Y’s Executor’s Loan A/c | 2,55,000 | Balance b/d | 1,50,000 | ||
| Interest on Capital | 15,000 | ||||
| X’s Current A/c | 30,000 | ||||
| Z’s Current A/c | 30,000 | ||||
| Profit & Loss Suspense A/c | 30,000 | ||||
| 2,55,000 | 2,55,000 | ||||
| Y’s Executor’s Loan Account | ||||||
| Dr. | Cr. | |||||
| Date | Particulars | Amount Rs |
Date | Particulars | Amount Rs |
|
| 31.03.2016 | Bank A/c | 1,53,000 | 31.03.2015 | Y’s Capital A/c | 2,55,000 | |
| 31.03.2016 | Balance c/d | 1,27,500 | 31.03.2016 | Interest A/c | 25,500 | |
| 2,80,500 | 2,80,500 | |||||
| 31.03.2017 | Bank A/c | 1,40,250 | 01.04.2016 | Balance b/d | 1,27,500 | |
| 31.03.2017 | Interest | 12,750 | ||||
| 1,40,250 | 1,40,250 | |||||
Value Involved:
(a) Care for Differently Abled
