13th

​Q13. On 31^st March 2015 the Balance sheet of Punit, Rahul and Seema was as follows :
                     
                                        Balance Sheet of Punit, Rahul and Seema
                                                      As at March 31, 2015
              

Liabilities	Rs.	Assets	Rs.
Capitals : Punit               60,000 Rahul              50,000 Seema             30,000 Reserves Creditors	1,40,000     20,000     14,000	Buildings Machinery Patents Stock Cash	40,000   60,000   12,000   20,000   42,000
	1,74,000		1,74,000

 Seema died on October 1, 2015. It was agreed between her executors and the remaining partners that :

(i) Goodwill be valued at 2 years' purchase of the average profits of the previous five years which were 2010-11 : Rs. 30,000; 2011-12 Rs. 26,000; 2012-13; Rs. 24,000; 2013-14; Rs. 30,000 and 2014-15; Rs. 40,000.

(ii) Patents be valued at Rs. 16,000; Machinery at Rs.56,000; Buildings at Rs. 60,000.