prepare necessary accounts for presentation to his executors having regard to the following facts

A and B are in partnership sharing profits and losses in the ratio 3 : 2. They insure their lives jointly for Rs 75,000 at an annual premium of Rs 3,500 to be debited to the business. B died three months after the date of the last Balance Sheet. According to the partnership deed the legal personal representatives of B are entitled to the following payments:

 

(a) his capital as per the last Balance Sheet; (b) interest on above capital @ 3 per cent per annum to the date of death;

(c) his share of profits to the date of death calculated on the basis of last year’s profits; and (d) 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 Rs 20,000, Rs 25,000 and Rs 30,000 respectively. B’s capital as per last Balance Sheet was Rs 40,000 and his drawings to the date of death were Rs 5,000. Draw B’s Account to be rendered to his representatives.

Q294. A, B and C carried on business in the partnership sharing profits as 3 : 2 : 1. The Balance Sheet on 31st December, 2014 showed their capitals to be : A Rs 10,400; B Rs 5,000; C Rs 3,000. On 28th February, 2015 A died and you are required to prepare necessary accounts for presentation to his executors having regard to the following facts :

(i) The firm had insured the partners’ lives severally, A for Rs 9,000; B for Rs 4,800; and C for Rs 2,400. The premiums have been charged to Profit and Loss Account and the surrender value on 28th February 2015 amounted in each case to one-fourth of the sum assured;

(ii) Capital carried interest at 5% p.a.;

(iii) A’s drawings from 1st January, 2015 to the date of his death amounted to Rs 1,200;

(iv) A’s share of profits for the portion of the current financial year for which he lived was to be taken at the sum calculated on the average of the last three completed years and Goodwill was to be valued on the basis of two years’ purchase of the average profits of those three years. The annual profits were Rs 9,200; Rs 7,400 and ~ 8,600 respectively.

 

find the cost of your paper

Write a program that reads the name of an element from the user and uses a recursive function to find the longest sequence of elements that begins with that value

Some people like to play a game that constructs a sequence of chemical elements where each element in the sequence begins with the last letter of its predecessor. For example,….

What is the correct charge to the income statement for bad debts and bad debt provisions for the years to 31 December 20X1?

Trade receivables as at 31 December 20X1 were $25,000. The bad debt provision as at 1 January 20X1 was $812. During the year to 31 December 20X1 bad debts of….

Which of the following is an adjusting event?

IAS 10 – Events after the balance sheet date, distinguishes between adjusting and non-adjusting events. Which of the following is an adjusting event? (A) One month after the year end,….