Ram, Ravi and Rohan were partners sharing profits in the ratio of 2:3:1. On 31st March, 2023, their Balance Sheet was as follows:
Balance Sheet of Ram, Ravi and Rohan as at 31st March, 2023
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) | ||
|---|---|---|---|---|---|
| Creditors General Reserve Capitals: Ram Ravi Rohan |
1,00,000 2,00,000 3,00,000 |
3,62,000 18,000 6,00,000 |
Cash Bank Stock Debtors Less: Provision for doubtful debts Investments Land |
3,00,000 10,000 |
14,000 2,96,000 80,000 2,90,000 50,000 2,50,000 |
| Total | 9,80,000 | Total | 9,80,000 | ||
Ram, Ravi and Rohan were partners sharing profits in the ratio of 2:3:1. On 31st March, 2
Rohan died on 30th September, 2023. On the death of a partner the partnership deed provided for the following:
(i) Goodwill was to be valued at two years purchase of average profit of last three years. The profits for the last three years were: 2020-21 Rs. 45,000, 2021-22 Rs. 90,000 and 2022-23 Rs. 1,35,000.
(ii) Deceased partner’s share of profit till the date of his death will be calculated on the basis of
average profit of last three years.
Prepare Rohan’s Capital Account to be rendered to his executors.
Marks-4, CBSE: 2023-24/Zone-4/Set-1/Q-22
Answer :
