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mediumMCQCUET Accountancy 2023 28 May Shift 12026Accountancy
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Lisa, Monika and Nisha are partners in a firm sharing profits and losses in the ratio of . Their capital accounts stood at , and respectively. Monika died and the balance in the general reserve on that date was . If the goodwill of the firm is valued at and the profit on revaluation is , what amount will be transferred to Monika's Executors Account?

  1. A
  2. B
  3. C
  4. D

Solution & Step-by-step Explanation

To find the amount transferable to Monika's Executors Account, we compute her total accumulated share upon death:Monika's Profit Sharing Share:

Monika's Opening Capital Balance:

Monika's Share of General Reserve:

Monika's Share of Goodwill:

Monika's Share of Revaluation Profit:

Total Amount Transferred to Monika's Executors Account:

Practice this question

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Lisa, Monika and Nisha are partners in a firm sharing profits and losses in the ratio of . Their capital accounts stood at , and respectively. Monika died and the balance in the general reserve on that date was . If the goodwill of the firm is valued at and the profit on revaluation is , what amount will be transferred to Monika's Executors Account?
A
B
C
D

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