Iqbal and kamal are in partnership sharing profits and losses in 3 : 2. Kamal died three months after the date of the last Balance Sheet. According to the Partnership Deed, his legal heir is entitled to the following:
- His capital as per the last Balance Sheet.
- Interest on above capital @ 3% p.a. till the date of death.
- His share of profit till the date of death calculated on the basis of last year’s profits.
[Ans.: Balance due to Kamal – ₹ 38,200.]
Solution:-
