"Anil, Bhanu and Chandu were partners in a firm sharing profits in the ratio of 5:3:2. On March
Channel: Doubtnut
Date: 2021-11-02

"Anil, Bhanu and Chandu were partners in a firm sharing profits in the ratio of 5:3:2. On March 31, 2017, their Balance Sheet was as under: img src=""https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XII_C04_P1_S01_018_Q01.png"" width=""80%""  Anil died on October 1, 2017. It was agreed between his executors and the remaining partners that :    (a)Goodwill to be valued at 1 2 2  year’s purchase of the average profits of the previous four years which were :   Year 2013-14 – Rs.13,000, Year 2014-15 – Rs. 12,000,   Year 2015-16 – Rs.20,000, Year 2016-17 – Rs.15,000   (b) Patents be valued at Rs.8,000, Machinery at Rs.28,000, and Building at Rs.25,000.   (c) Profit for the year 2017-18 be taken as having accrued at the same rate as that of the previous year.  (d) Interest on capital be provided at 10% p.a.  (e) Half of the amount due to Anil be paid immediately.  Prepare Anil’s Capital Account and Anil’s Executor’s Account as on October 1, 2017.