Efe, Funke, and Garba are partners sharing profits and losses in the ratio respectively. On December 31, 2025, Garba dies. At the date of death, the accounting records reveal the following balances:
- Garba's Capital Account (credit):
- Garba's Current Account (credit):
- Total firm Goodwill valuation:
- Total net profit on asset revaluation:
- Accrued interest on capital due to Garba:
- Garba's total drawings to date of death:
What is the net amount (in ) payable to Garba's executor account?
Cevap: 151000 NGN
Cevap
The net amount payable to Garba's executor account is ₦151,000.
The deceased partner's executor account is credited with the partner's capital balance (₦120,000), current account credit balance (₦15,000), share of goodwill (1/6 of ₦90,000 = ₦15,000), share of revaluation profit (1/6 of ₦30,000 = ₦5,000), and interest on capital (₦6,000), giving a total gross entitlement of ₦161,000. Deducting the drawings of ₦10,000 results in a net final payable amount of ₦151,000.
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Anahtar Kavram
Deceased Partner Capital Account Settlement