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in Reconstitution of a Partnership Firm – Retirement/Death of a Partner by (25.6k points)
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Mr. Raj died on 25.08.2006 who was an active partner in a firm. The other partners were Mr. Das and Mrs. Das. The books of accounts reveal the following:

General Reserve Rs. 12,000
Capital - Raj Rs. 30,000
Profit and Loss A/c (Dr.) Rs. 18,000
Drawings of Raj Rs. 10,000
Mr. Raj's loan to the firm Rs. 20,000

Interest on loan payable to Raj up to the date of death Rs. 1,000 

Value of goodwill estimated at Rs. 24,000 

Calculate the amount due to the legal heirs of Mr. Raj.

1 Answer

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Raj’s Capital A/c

R’s loan to the firm: 20000 

R’s interest on loan: 1000 

Total amount due to R’s legal heirs = His capital a/c balance and R’s loan to the firm and interest on loan = 26000 + 20000 + 1000 = 47000.

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