X,  Y and Z were partners sharing profits and losses in the ratio of 2:2:1.Z died on 31st March, 2015.Profits and sales for the calendar year 2014 were Rs.2,00,000 and Rs.20,00,000 respectively.Sales during January to March 2014 were Rs.1,50,000.You are required to calculate share of profit of Z upto the date of death.

A,B and C are partners in a firm sharing profits in the ratio of 5:3:2 respectively. Their Balance Sheet as at 31st March, 2013 was as follows :

Liabilities	Rs	Assets	RS
Capitals:
A	3,00,000	Patents	1,10,000
B	2,50,000	Building	2,00,000
C	1,50,000	Machinery	3,00,000
Creditors	1,10,000	Stock	1,00,000
Reserves	60,000	Debtors	80,000
		Cash	80,000
	8,70,000		8,70,000

(iii) A's share of profit till the date of his death will be calculated on the basis of the profit of the year 2012-13.
(ii)Patents were revalued at RS.90,000, Machinery at RS.2,80,000 and Building at RS.2,50,000.
(i) Goodwill was valued at 2 years purchase of average profits of last 4 years which were 2009-10 : RS.1,00,000; 2010-11 : RS.1,60,000; 2011-12 : RS.1,80,000 and 2012-13 : RS.2,00,000.A died on 31st December, 2013 due to illness. It was agreed between the firm and A's executors that the amount due to A will be used for construction of a charitable hospital in a village as per the agreement.
(iv) Interest on capital will be provided at 10% p.a.
(v) Amount due to A's executor will be transferred to Charity Account.
(a) Prepare A's Capital Account to be presented to his executor.
(b) Identify any one value being highlighted in the question.

A and B are partners in a firm having a workmen compensation reserve of RS.10,00,000. A worker, Rohan died in an accident while working for the firm. The firm paid RS.5,00,000 as compensation to his family and offered a job to his wife and also arranged for the education of his son. State which values are being reflected in the above case and also show the treatment of Workmen compensation reserve will not be shown in the books of new firm. 

X,Y and Z were partners in a firm sharing profits and losses in the ratio of 5:3:2. On 31.03.2010 their Balance Sheet was as follows:

Liabilities		RS	Assets	RS
Capital Accounts:			Building	50,000
X	75,000		Patents	15,000
Y	62,500		Machinery	75,000
Z	37,500	1,75,000	Stock	37,5000
SundryCreditors		42,500	Debtors	20,000
			Cash at Bank	20,000
		2,17,500		2,17,500

Z died on 31.7.2010. It was agreed that:

(a) Goodwill be valued at 2 half year's purchase of the average profits of the four year's which were as follows:

Year	Net Profit
	RS
2006-2007	32,500
2007-2008	30,000
2008-2009	40,000
2009-2010	37,500

(b) Machinery be valued at RS.70,000; Patents at RS.20,000 and Building at RS.62,500.
(c) For the purpose of calculating Z's share of profits in the year of his death, the profits in 2010-2011 should be taken to have been accured on the same scale as in 2009-2010.
(d) A sum of RS.17,500 was paid immediately to the executors of Z and the balance was paid in four half yearly installments together with interest at 12% p.a. starting from 31.1.2011.
Give necessary journal entries to record the above transaction's and Z's executor's account till the payment of installment due on 31.01.2011.

Pawan,Prem and Poonam were partners in a firm sharing profits in the ratio of 2:1:2. Their fixed capitals were RS.2,00,000, RS.1,50,000 and 2,00,000 respectively. The firm closses its books on 31st March every year. On 31.03.2006 Prem died. The executor of a deceased partner according to the agreement was entitled for the following:

(i) Interest on capital from the first day of the accounting year till the date of his death @ 10% p.a.

(ii) His share of goodwill - The goodwill of the firm for the on Prem's death was valued at RS.3,00,000.

(iii) His share of profits - the profit of the firm for the year ended 31.03.2006 was RS.1,50,000 Prem's executor was paid the sum due in two equal annual instalment with interest @ 10% p.a. prepare Prem's capital account as on 31.03.2006 to be presented to his executor and his executor's loan account for the year ending 31.03.2007 and 31.03.2008.

On 1.1.2008, Uday and Kaushal entered into partnership with fixed capitals of RS.7,00,000 and RS.3,00,000 respectively. They were doing good business and were interested in its expansion but could not do the same because of lack of capital. Therefore, to have more capital, they admitted Govind as a new partner on 1.1.2010. Govind brought RS.10,00,000 as capital and the new profit sharing ratio decided was 3:2:5. On 1.1.2012, another new partner Hari was admitted with a capital with of RS.8,00,000 for 1/10th share in the profits, which he acquired equally from Uday, Kaushal and Givind. On 1.4.2014 Govind died and his share was taken over by Uday and Hari equally, Calculate:

(i) The sacrificing ratio of Uday and Kaushal on Govind's admission.

(ii) New profit sharing ratio of Uday, Kaushal and Hari on Govind's death.

Xavier, Yusuf and Zaman were partners in a firm sharing in the ratio of 4:3:2. On 1st April 2015, their Balance Sheet was as follows:

                            Balance Sheet as at 1st April, 2015

Liabilities		Rs	Assets		Rs
Sundry Creditors		41,400	Cash at Bank		33,000
Capital Accounts:			Sundry Debtors	30,450
Xavier	1,20,000		Less: Provision for Bad Debts	(1,050)	29,400
Yusuf	90,000		Stock		48,000
Zaman	60,000	2,70,000	Plant and Machinery		51,000
			Land and Building		1,50,000
		3,11,400			3,11,400

Yusuf had been suffering from ill health and thus gave notice of retirement from the firm. An agreement was, therefore, entered into as on 01.04.2014, the terms of which were as follows:
(i) That land and building be appreciated by 10%
(ii) The provision for bad debts is no longer necessary.
(iii) That stock be appreciated by 20%.
(iv) That goodwill of the firm be fixed at Rs.54,000. Yusuf's share of the same be adjusted into Xavier's and Zaman's Capital Accounts, who are going to share future profits in the ratio of 2:1.
(v) The entire capital of the newly constituted firm be readjusted by bringing in or paying necessary cash so that the future capitals of Xavier and Zaman will be in their profit sharing ratio.
Prepare Revaluation Account and Partners' Capital Accounts.

The Balance Sheet of Keshav, Nirmal and pankaj who are partners in a firm sharing profits according to their capital as at 31st March, 2012 was as follows:

Liabilities	Rs	Assets		Rs
Creditors	42,000	Buildings		2,00,000
Keshav's Capital	1,60,000	Machinery		1,00,000
Nirmal's Capital	80,000	Stock		36,000
Pankaj capital	80,000	Debtors	40,000
General reserve	40,000	Less:Provision for Bad Debts	(2,000)	38,000
		Cash at Bank		28,000
	4,02,000			4,02,000

On that date Nirmal decided to retire from the firm and was paid for his share in the firm subject to the following:
(i) Buildings to be appreciated by 20%.
(ii) Provision for Bad Debts to be increased to 15% on Debtors.
(iii) Machinery to be depreciated by 20 %.
(iv) Goodwill of the firm is valued at Rs.1,44,000 and the retiring partner's share is adjusted through the capital accounts of  remaining partners.
(v) The capital of the new firm be fixed at 2,40,000.
Prepare Revaluation Account, Capital Accounts of the partners, Bank Account and the Balance Sheet after Nirmal's retirement.

Sandeep, Praveen and Tara are partners sharing profits in the ratio of 3:2:1. On 1st April, 2012  Sandeep gave a notice to retire from the firm. Praveen and Tara after all adjustments showed a balance of Rs.64,000 and Rs.1,00,000 respectively. The total amount to be paid to Sandeep was Rs.1,23,000. This amount was to be paid by Praveen and Tara in such a way Pass necessary Journal entires for the above transations in the books of the firm. Show your working clearly.