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Sample Paper For Final Examination
Sample Paper For Final Examination
Sample Paper For Final Examination
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Q1. X, Y and Z were partners in a firm sharing profit and losses in the ratio of 5:3:2. Their Balance Sheet
on 31st March, 2023 were as follows:
1,97,000 1,97,000
On 31st July, 2023, Z died. The partnership deed provides for the following to the executors of the
deceased partner.
(i) His share in the Goodwill of the firm calculated on the basis of 3 years purchase of the
average profits of the last 4 years. He profits of the last 3 years were Rs. 8,000, Rs. 6,000 and
Rs. 4,000 respectively.
(ii) Z’s share of profit from the closure of last accounting year till date of death be calculated on
the basis of last year profit.
OR
His share in profits up to the date of death on the basis of average profits of the last 3 years.
OR
Z’s share of profit from the beginning of the accounting year till the date of death be
calculated on the basis of the 3 completed years’ profit before death.
OR
Share of profit of the deceased partner to be computed up to the date of death on the basis
of average profit of the past 3 years. Average profit of past 3 years was Rs. 40,000.
OR
His share of profits from the closing of last financial year till the date of death which was
estimated at Rs. 6,000.
OR
His share in the profits of the firm in the year of his death will be calculated on the basis of
rate of net profit on sales of the previous year, which was 25%. The sales of the firm till 31st
July, 2023 were Rs. 40,000.
OR
Z’s share of profit till the date of his death was to be calculated on the basis of sales. Sales
for the year ended 31st March, 2023 amounted to Rs. 4,00,000 and that from 1st April to 31st
July, 2023 Rs. 1,50,000. The profit for the year ended 31st March, 2023 was Rs. 1,00,000.
(iii) Interest on capital was to be provided @ 10% p.a.
OR
Interest on capital @ 8% p.a. up to the date of his death which was calculated as Rs. 2,000.
(iv) His drawings in the year of his death. Z’s drawing till 31st July, 2023 were Rs. 15,000.
(v) Interest on drawings @ 5% p.a.
OR
Interest on drawings @ 12% p.a. which was calculated as Rs. 1,000.
(vi) His share of revaluation profit Rs. 1,000.