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The document outlines the classification of financial items for a company's balance sheet according to the Companies Act, 2013, and details the financial implications following the death of a partner, Robit, in a partnership firm. It specifies the entitlements of Robit's legal representatives, including his capital account balance, share of general reserve, interest on capital, goodwill, and share of profits until his death. Additionally, it includes calculations for goodwill and Robit's share of profit up to the date of death.

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6 views7 pages

Selfstudys Com File

The document outlines the classification of financial items for a company's balance sheet according to the Companies Act, 2013, and details the financial implications following the death of a partner, Robit, in a partnership firm. It specifies the entitlements of Robit's legal representatives, including his capital account balance, share of general reserve, interest on capital, goodwill, and share of profits until his death. Additionally, it includes calculations for goodwill and Robit's share of profit up to the date of death.

Uploaded by

suvigya487
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Financial Statements Of A Company

(2025)
1. Classify the following items under major heads and sub-heads (if any) in the
Balance Sheet of the company as per Schedule-III, Part-I of the Companies Act, 2013:
(3 Marks) (2025)
(i) Computer software
(ii) Outstanding salary
(iii) Work in progress

Answers
1.
(2024)
1. Azhar, Sumit and Robit were partners in a firm sharing profits and losses in the
ratio of 3 : 1 : 1. Their Balance Sheet as at 31st March, 2023, was as follows :
(2024)
Balance Sheet of Azhar, Sumit and Robit as at 31st March, 2023

Robit died on 30th June, 2023. According to the Partnership deed, Robit's legal
representatives were entitled to :
(i) Balance in his Capital Account.
(ii) His share of General Reserve.
(iii) Interest on capital @ 10% p.a.
(iv) His share of goodwill. Goodwill of the firm was valued on the basis of thrice
the average of the past four years' profits.
(v) His share in profits up to the date of death on the basis of the profit for the
last year.
Profit for the previous years were :

Prepare Robit's Capital Account to be rendered to his legal representatives.


Ans.

Working Notes:
(i) Goodwill = 3 x 56,000/4 = 42,000
Robit’s Share in firm’s Goodwill = 42,000 x 1/5 = 8,400
Gaining ratio between Azhar and Sumit = 3:1
(ii) Robit’s Share in the Profit upto the date of death = 15,000 x 1/5 x 3/12
= 750

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