Scribd
Upload
139 views1 page

Azhar, Sumit, and Robit's Partnership Details

Azhar, Sumit, and Robit were partners in a firm with a profit-sharing ratio of 3:1:1, and their balance sheet as of March 31, 2023, showed total liabilities and assets of 2,70,000 each. Following Robit's death on March 30, his legal representatives are entitled to his capital account balance, share of the general reserve, interest on capital at 10% per annum, share of goodwill, and share of profits up to the date of death. The firm's goodwill and profit calculations are based on previous years' profits.

Uploaded by

HimanshuChorasama
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
139 views1 page

Azhar, Sumit, and Robit's Partnership Details

Azhar, Sumit, and Robit were partners in a firm with a profit-sharing ratio of 3:1:1, and their balance sheet as of March 31, 2023, showed total liabilities and assets of 2,70,000 each. Following Robit's death on March 30, his legal representatives are entitled to his capital account balance, share of the general reserve, interest on capital at 10% per annum, share of goodwill, and share of profits up to the date of death. The firm's goodwill and profit calculations are based on previous years' profits.

Uploaded by

HimanshuChorasama
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

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,

Balance Sheet of Azhar, Sumit and Robit as at 31 st March, 2023


Amount Amount
Liabilities Assets
Creditors 90,000 Bank 20,000
General Reserve 60,000 Stock 40,000
Capitals : Debtors 1,50,000
Azhar 60,000 Fixed Assets 60,000
Sumit 40,000
Robit 20,000 1,20,000
2,70,000 2,70,000
Robit died on 30
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

(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 :

Rs.
2019 20 (3,000)

2020 21 28,000

2021 22 16,000

2022 23 15,000
6

You might also like