Sarthaks Test
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P, Q and R were partners in a firm sharing profits in 2: 2: 1 ratio. The Partnership Deed provided that on the death of a partner his executors will be entitled to the following: 

a. Interest on Capital @ 12% p.a. 

b. Interest on Drawings @ 18% pa 

c. Salary of Rs.12,000 p.a. 

d. Share in the profit of the firm (up to the date of death) on the basis of previous year’s profit. P died on 31st May, 2016. His capital was Rs.80,000. He had withdrawn Rs.15,000 and interest on his drawings was calculated as Rs.1,200. Profit of the firm for the previous year ended 31st March, 2016 was Rs.30,000. Prepare P’s Capital Account to be rendered to his executors.

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