# Answer this question

Seema's Capital A/c | |||||

Date | Particulars | Amount (in Rs) | Date | Particulars | Amount (in Rs) |

Bal B/d | 30,000 | ||||

Punit's Capital A/c | 7,500 | ||||

Rahul's Capital A/c | 4,500 | ||||

Profit and Loss suspense A/c | 4,000 | ||||

Seema's Executors A/c | 55,500 | Reserves | 4,000 | ||

Interest on Capital (30,000 x 10% x 6/12) | 1,500 | ||||

Revaluation A/c | 4,000 | ||||

55,500 | 55,500 |

Seema's Executors A/c | |||||

Date | Particulars | Amount (in Rs) | Date | Particulars | Amount (in Rs) |

Cash A/c | 15,500 | Seema''s Capital A/c | 55,500 | ||

Bal C/d | 40,000 | ||||

55,500 | 55,500 |

Revaluation A/c | |||||

Date | Particulars | Amount (in Rs) | Date | Particulars | Amount (in Rs) |

Machinery | 4,000 | Patent A/c | 4,000 | ||

Building A/c | 20,000 | ||||

Profit Transferred in (5:3:2) | |||||

Punit's Capital A/c | 10,000 | ||||

Rahul's Capital A/c | 6,000 | ||||

Seema's Capital A/c | 4,000 | ||||

24,000 | 24,000 |

Calculation of Goodwill | ||

Average Profit of last 5 years | (30,000 + 26,000 + 24,000 + 30,000 + 40,000)/5 | 30,000 |

Goodwill @ 2 Years purchase | 60,000 | |

Share of Goodwill of Seema | (60,000 x 2/10) | 12,000 |

Gaining Ratio | 5:3 | |

Goodwill Adjustment for Seema | ||

Punit's Capital A/c | (12,000 x 5/8) | 7,500 |

Rahul's Capital A/c | (12,000 x 3/8) | 4,500 |

Profit till Death | ||

Profit / (loss) of Year ended 31-03-2017 | 40,000 | |

Proportionate Profit till 01-10-2017 | (40,000 x 6/12) | 20,000 |

Seema's Share | (20,000 x 2/10) | 4,000 |

Regards

**
**