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
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:
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: