Question : Sindhu, Rahul and Kamlesh, who were sharing profits in the ratio of 3 : 3 : 4 respectively, as at 31st March, 2012 was as follows balance of capital are Sindhu: 1,20,000 Rahul 1,00,000 Kamlesh: 80,000 Sindhu’s loan 20,000 (debit balance)
General Reserve Rs 10,000 Sindhu died on 31st July 2012. The partnership deed provided for the following on the death of a partner :
(a) Goodwill of the firm be valued at two years’ purchase of average profits for the last three years which were Rs.80,000. (b) Sindhu’s share of profit till the date of his death was to be calculated on the basis of sales. Sales for the year ended 31st March 2012 amounted to Rs.8,00,000 and from 1st April to 31st July 2012 Rs.3,00,000. The profit for the year ended 31st March 2012 was Rs.2,00,000. (c) Interest on capital was to be provided @ 6% p.a. Balance due to Sindhu’s Executor will be ------
Option 1: Rs 1,97,500
Option 2: Rs 1,75,900
Option 3: Rs 1,95,000
Option 4: None of the above
Correct Answer: Rs 1,75,900
Solution : Answer = Rs 1,75,900
Sindhu's Capital A/c
Hence, the correct option is 2.
Question : A, B and C are sharing profits in the ratio of 4:3:2. A dies on 31st December 2017. Accounts are closed on 31st March every year. Sales for the year ending 31st March 2017 amounted to Rs.4,00,000. Sales of Rs.3,30,000 amounted between the period from 1st April 2017 to 31st December 2017. The profit for the year ending 31st March 2017 amounted to Rs.60,000.
The deceased partner’s share in the current year’s profits of the firm will be
Option 1: Rs 24,000
Option 2: Rs 18,000
Option 3: Rs 10,000
Option 4: Rs 22,000
Question : L, M and R were partners sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on March 31 every year. On June 30, 2017, R died. The following information is provided on R’s death:
(i) Balance in his capital account in the beginning of the year was Rs.6,50,000. (ii) He withdrew Rs.60,000 on May 15, 2017 for his personal use. On the date of death of a partner the partnership deed provided for the following: (a) Interest on capital @ 10 % per annum. (b) Interest on drawings @ 12 % per annum. (c) His share in the profit of the firm till the date of death, to be calculated on the basis of the rate of Net Profit on Sales of the previous year, which was 25 %. The Sales of the firm till June 30, 2017 were Rs.6,00,000.
Amount due to R’s Executor’s is
Option 1: Rs.93,530
Option 2: Rs.93,500
Option 3: Rs.90,000
Option 4: Rs.90,535
Question : Sharma, Verma and Goyal are partners in a firm. On 1st April 2012 the balances in their Capital Accounts were as follows: Sharma Rs. 4,00,000; Verma Rs. 4,20,000 and Goyal Rs. 3,70,000. The firm closes its accounts every year on 31st March. Verma died on 30th September 2012. In the event of the death of any partner following are the provisions in the Partnership Deed: (i) Interest on Capital will be calculated at the rate of 10% p.a. (ii) The deceased partner; 's legal representative will be paid Rs. 35,000 for his share of goodwill. (iii) The firm had a Reserve Fund of Rs. 2,10,000. The deceased partner will be paid his share in the Reserve Fund. (iv) His share of profit till the date of death will be calculated based on sales. It is also specified that the sales during the year 2011-12 were Rs. 15,00,000. The sales from 1st April 2012 to 30th September 2012 were Rs. 3,00,000. The profit of the firm for the year ending 31st March 2012 was Rs. 3,00,000. Question: Amount Due to the deceased's partner's capital account will be ......
Option 1: Rs 3,66,000
Option 2: Rs 6,06,000
Option 3: Rs 5,66,000
Question : A, B and C were partners sharing profits and losses in the ratio of 2:2: l. C died on 30th June, 2020. Profit and Sales for the year ended 31st March, 2020 were Rs. 1,00,000 And Rs. 10,00,000 respectively. Sales during April to June, 2020 were Rs. 1,50,000. share of profit of C till the date of his death will be__________.
Option 1: Rs 15,000
Option 2: Rs 6,000
Option 3: Rs 3,000
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