Rao and Majumdar are partners sharing …
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Rao and Majumdar are partners sharing profits and losses in the ratio of 3: 2. Rao died on 31st December, 2020. The following was the Balance Sheet on that date:
Payment to Executors in Instalments
Liabilities
Amount
Assets
Amount
ed on 281
Creditors
Reserve
Rao's Capital
Majumdar's Capital
24,000
Cash at Bank
15,000 Stock
18,000
40,000
Amount
18,000
25,000 Debtors
Furniture
20,000
35,000
The share of Rao in firm's goodwill was agreed at 36,000.
Assets and liabilities were valued reasonably. Assuming that 10,000 was paid immediately on January 1, 2021
and the balance was payable in three equal instalments on 31st December every year and interest was payable @ 12% per annum on unpaid balance. Prepare Rao's Executor's Account.
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