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Priya, Kavish and Rakesh were partners …

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Priya, Kavish and Rakesh were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31/3/2019, their Balance sheet was as follows: Liabilities ₹ Assets ₹ Creditors 3,00,000 Fixed Assets 4,50,000 General Reserve 1,50,000 Stock 1,50,000 Capital A/Cs Debtors 2,00,000 Priya 2,00,000 Bank 1,50,000 Kavish 2,00,000 Rakesh 1,00,000 9,50,000 9,50,000 Kavish died on 12/6/2019. According to the partnership deed, the legal representatives of the deceased partner were entitled to the following: a) Balance in his capital account b) Interest on capital at 12% c) Goodwill of the firm on Kavish’s death was valued at ₹ 60,000

Posted by Khushi Shah 3 years, 9 months ago

CBSE > Class 12 > Accountancy

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