Q.25 Solution Death of a Partner TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 25, Chapter 6 Death of a Partner, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 25
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:
- (a) His capital as per the last Balance Sheet.
- (b) Interest on above capital @ 3% p.a. till the date of death.
- (c) His share of profit till the date of death calculated on the basis of last year’s profits.
His drawings are to bear interest at an average rate of 2% on the amount irrespective of the period.
The net profits for the last three years, after charging insurance premium, were ₹ 20,000; ₹ 25,000 and ₹ 30,000 respectively. Kamal’s capital as per Balance Sheet was ₹ 40,000 and his drawings till the date of death were ₹ 5,000.
Draw Kamal’s Capital Account to be rendered to his representatives.
Solution
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