Academic Achievers (1) Dinkar, Navitaand Vani were partnerssharing profits and losses inthe ratio of 3:2:1.Navita died on 30th une, 2017, Hershare of profit forthe intervening period was basedon thesales during that period, which were %6,00,000. The rateof profit during the past four yearshad been 0% on sales. Thefirm closesitsbookson Ist March every year. Caleulate Navita'sshare of profit. (2) Karim, Saleem and Raheem were partnersina im sharing profits and ossesin the ratio of 3:43. Thefirm closesits books ‘on3ist March every year. On st October, 2019, Karim died. On Karim’s death the goodwill of thefirm was valuedat +73,50,000, Karim’sshare inthe profit ofthe firmin the year ofhis death wasto be calculated on the basis of average profits oflastfour years. The profits fr the last four years were 201S-16-31,70,000; 2016-17- 230,000; 2097-18-71,90,000and 2018-19-110,000. Thetotalamount payableto feath was 735,000. It waspaidonSth October, 2019, Passnecessary Journal entries for the above transactions nthe books of théfirm.. (3)%,YandZwere partnersina firm. Zdied on3ist May, 2022, His share of profit from theclosureof thelast accounting year tilthe date of death was tobe calculated on thebasis ofthe average ofthree completed yeatsofprofitsbeforedeath. Profitsfor the years ended 3st March, 2020,2021and2022 were 218,000; 719,000 and 817,000 respectively. Caleulate7’sshare ofproitilhisdeath and passnecessary Jounal entry forthe same when: (2)proft-sharing ratioofremaining partnersdoesnot change,and (b)profit-sharingratio oftemaining partners changes and new ratio being 3:2. {4)Sumanand Rajan were partnersinafirm sharing profits andlosses in he ratioof3:. The firm was dissolved on ‘Ist March, 2019, Pass the necessary Journal entries for the following transactions after variousassets (otherthan cash inhandand at bank) and third party liabilities have been transferred to Realisation Account: (2)issolution expenses10,000 werepaid by thefir (b)Rajanhad givenaloan of 60,000 othe firm for which he accepted 58,000 infullsettlement, (c) The irmhada debit balance of 40,000 in the Profit & Loss Account onthe date of dissolution, (G) Profitonrealisationwas12,000. (5) PassJournalentriesforthefollowing: (a) Realisation expenses of10,000 were tobe borne by Mohan, apattner, but were paldby the itm. (b)Mahesh, a partner, was paid remuneration of 25,000 and hewasto meet all expenses: (c)Suresh, partner, was paid remuneration of20,000.andhe wastomeetall expenses. Firm paidanexpense of5,000. (6) PasstheJournalentries forthe following transactions onthe dissolution ofthefirm of Pand Qafterassets {otherthan cash) and outside liabilities have been transferred to Realisation Account: (a)Stock?,00,000.'P'took 50% of stock ata discount of10%. Balancestock was soldat aprofitof 25% oncost. (b)Debtors2,25,000. Provision for Doubtful Debts 25,000. 20,000 of the book debts proved bad. (c)Landand Building (Book value 12,50,000) soldfor'S,00,000 through abroker who charged2% commission, {) Machinery Book value 6,00,000) was handed overto.a creditor ata discount of 10%, {e)investment(B00k value 60,000) realised at 125%, {f) Goodwill of75,000 and prepaid fire insurance of 10,000. (a) Trade creditors 60,000. Half ofthe trade creditors accepted Plant and Machinery t an agreed valuation of '54,000andcash nfullsettlement oftheir claims after allowing discount of 16,000, Remaining trade cretors, were paid 90% in final settlement.