Solution of Q 24 Death of a Partner TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 24, Chapter 7 Death of a Partner, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 24
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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About this solution
This is Chapter 7 Death of a Partner of TS Grewal Edition 2022-23.
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.
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