Question

Raja, Bharat and Vedika were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as on 31st March, 2024 was as follows :
Balance Sheet of Raja, Bharat and Vedika as on 31st March, 2024

Liabilities Amount (₹)	Amount (₹)	Assets
Creditors	80,000	Bank
General Reserve	50,000	Stock
Capitals: Raja Bharat Vedika	1,10,000 1,00,000 90,000	Debtors Furniture Machinery
Total	4,30,000	Total

Hint:

Always include capital, interest, profit share, goodwill, and deduct drawings when calculating the deceased partner’s dues.

Answer 1

Step 1: Balance in her capital account:
Already shown in Balance Sheet = ₹ 90,000 Step 2: Interest on Capital @ 8% p.a. (for 4 months from April to July)
\[ \text{Interest} = \frac{8}{100} \times 90,000 \times \frac{4}{12} = ₹ 2,400 \] Step 3: Share of Profit till date of death
Vedika’s share = ₹ 3,000 (already given) Step 4: Share of Goodwill
- Average Profit = ₹ 40,000
- Goodwill = 2 × ₹ 40,000 = ₹ 80,000
Vedika’s Share (1/5 of ₹ 80,000) = ₹ 16,000 Step 5: Less: Drawings (till July)
= ₹ 12,000 Step 6: Total amount due to Vedika’s legal heirs:
\[ 90,000 + 2,400 + 3,000 + 16,000 - 12,000 = \boxed{₹ 99,400} \]