B, C D are partners in a firm. Their Balance Sheet as on 31/12/2021 is as follows:LiabilitiesR.OAssetsR.OCreditors10,00012,000 Plant and Machinery12,000 Furniture and fittingsGeneral Reserve10,000Capitals:Debtors5,000B: 10,000Stock15,000Investment14,000C: 10,000D: 10,00030,000Total54,000 Total54,000C died on 30-7-2021. The partnership provides that therepresentative of the deceased partner shall be entitled to:• Balance of the capital account of the deceases partner• Interest on capital at 3% p.a. up to date of death.• His share of profits up to date of death on the average of last 3years' profit.• His share of any undistributed profits and losses as per last balanceSheet.• Profits for the last 3 years was OMR 30,000, OMR 40,000, OMR20000 (Loss)• Determine the amount payable to the legal representative of C.

Determination of amount payable to the legal representative of C: C's Capital: 10,000 Add: Interest…

Answered: Determine the amount payable to the…

Business

Accounting

Determine the amount payable to the legal representative o

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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