My answer is coming wrongWanna recheck In the partnership agreement between X, Y and Z who were - Accountancy - Reconstitution- Retirement/Death of a Partner

Question

My answer is coming wrongWanna recheck

Neha Chopra · Accepted Answer

Dear
Student

Calculation of Amount
payable to X's Legal Representatives

Opening
Capital
50,000

Less :
Drawings
4,000

Add : Share of
Goodwill
13,140

Add : Profit share from
01-01-96 to 31 05 96
2,520
83

Total
61,660
83

Calculation of Share of
Goodwill of X

Average of 5 Year's
Profit
(10,000 + 30,000 + 43,000
-6,000 - 4,000)/5
14,600

Less :
10%
(14,600 x
10%)
1,460

Resultant
amount

13,140

Based on above, 2 years
Share of X = Goodwill value for X
(13,140 x 5/10) x
2
13,140

Calculation of Profit
share till Death

Average of Last 3 Years
profit
(43,000 - 6,000 -
4,000)/3
11,000

Add :
10%
(11,000 x
10%)
1,100

Resultant
amount

12,100

Profit for 5
months
(12,100 x
5/12)
5,042

Share of X for 5
months
(5,041 67 x
5/10)
2,520
83

Regards

Calculation of Amount payable to X's Legal Representatives
Opening Capital	50,000
Less : Drawings	4,000
Add : Share of Goodwill	13,140
Add : Profit share from 01-01-96 to 31.05.96	2,520.83
Total	61,660.83

Calculation of Share of Goodwill of X
Average of 5 Year's Profit	(10,000 + 30,000 + 43,000 -6,000 - 4,000)/5	14,600
Less : 10%	(14,600 x 10%)	1,460
Resultant amount		13,140
Based on above, 2 years Share of X = Goodwill value for X	(13,140 x 5/10) x 2	13,140

Calculation of Profit share till Death
Average of Last 3 Years profit	(43,000 - 6,000 - 4,000)/3	11,000
Add : 10%	(11,000 x 10%)	1,100
Resultant amount		12,100
Profit for 5 months	(12,100 x 5/12)	5,042
Share of X for 5 months	(5,041.67 x 5/10)	2,520.83