Reference no: EM13906624
Following is the balance sheet of A, B and C as at 1st April, 2011:
C passed on 30th June, 2011. Under the terms of association deed, the agents of an expired accomplice were qualified for –
(an) Amount remaining to the credit of accomplice's capital record;
(b) Interest on capital offset at 15% for each annum;
(c) Share or goodwill on the premise of double the normal of the previous three years' benefit; and
(d) Share of benefit frame the end of the last money related year to the date of death on the premise of the normal of the three finished years' benefits before the demise.
Benefits for the years finished 31st March, 2009, 2010 and 2011 were Rs. 60,000, Rs. 70,000 and Rs. 80,000 individually. Benefits were partaken in the proportion of capitals.
Pass the necessary journal entries and draw up C’s Capital Account to be rendered to his executors.
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