Trisha, Anisha and Rishika were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance sheet as at 31s March, 2022 was as follows:
Balance Sheet of Trisha and Rishika as at 31st March, 2022
| Liabilities | ₹ | Assets | ₹ |
| Capital A/cs: Trisha Anisha Rishika General Reserve Creditors |
3,00,000 2,00,000 1,00,000 50,000 50,000 |
Plant and Machinery Stock Debtors Cash at Bank |
5,00,000 1,00,000 60,000 40,000 |
| 7,00,000 | 7,00,000 |
Trisha died on 31st July, 2022. According to the partnership deed, the executors of the deceased partner were entitled to:
- Balance in Partner’s Capital Account.
- Salary @ ₹ 15,000 per quarter.
- Share of goodwill calculated on the basis of twice the average of past three year’s profits.
- Share of profits from the closure of the last accounting year till the date of death on the basis of last year’s profit. Profit for 2019-20, 2020-21 and 2021-22 were ₹ 1,00,000, ₹ 2,00,000 and ₹ 1,50,000 respectively.
- Trisha withdrew ₹ 20,000 on 1st May, 2022 for her personal use.
Showing your working clearly, prepare Trisha’s Capital Account to be rendered to her executors.
[Ans.: Amount due to Trisha’s Excecutors – ₹ 4,60,000.]
Solution:-
