Question 3: PRACTICAL PROBLEM The Balance sheet of Mohan, Subhash and Babi as on 31st December, 2011 was as under.

Question 3:

PRACTICAL PROBLEM
 The Balance sheet of Mohan, Subhash and Babi as on 31st December, 2011 was as under. They were sharing profits and losses in the ratio of 2:1:1.

Balance Sheet as on 31st December,2011
Babi died on 1st July, 2012 and partnership deed provided that in the event of death of the partner his executor will be entitled to be paid out.
1) Capital to the credit at the date of last balance sheet
2) Proportion of reserves
3) Proportion of goodwill to be calculated twice the average profits of last three years.
4) His proportion of profits to the date of death based on the average profits of the last three year plus 20%.
5) The net profits for last 3 years Rs 18,000, Rs 18,000, Rs 16,500.
6) Babi had withdrawn Rs 6,000/- to the date of her death.
7) The investments were sold at par and the amount was paid off to Babi’s executor and the balance was transferred to loan A/c.

Prepare:
1) Babi’s Capital A/c only.
Note: As no information is given regarding the New Ratio of Mohan and Subhash, hence, it is 2:1 and Gaining Ratio is same as the New Ratio.

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