Liabilities | Amt (Rs.) | Assets | Amt (Rs.) | ||
Bills Payable | 7,200 | Buildings | 12,600 | ||
Creditors | 8,400 | Cash in Hand | 2,550 | ||
General Reserve | 7,200 | Cash at Bank | 12,870 | ||
Capital A/cs | Debtors | 7,200 | |||
A | 12,000 | Bills Receivable | 2,580 | ||
B | 7,200 | Stock | 1,050 | ||
C | 4,800 | 24,000 | Investments | 7,950 | |
46,800 | 46,800 | ||||
(i) Capital to his credit at the time of his death. |
(ii) Interest on capital @ 10% p.a. |
(iii) Share of general reserve. |
(iv) Share of profits based on the sales during that period. Sales till 30th June was Rs. 72,000. The rate of profit was 10% on sales. |
(v) Goodwill according to his share of profit to be calculated by taking twice the amount of profits of the last 3 years less 20%. The profits for the previous 3 years were: |
Answer:
Amount transfer to B's executor account is Rs. 20,820
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