Vikas, Gagan and Momita were partners in a firm sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on 31st March every year. On 30th September, 2014 Momita died. According to the provisions of Partnership Deed the legal representatives of a deceased partner are entitled for the following in the event of his/her death: (a) Capital as per the last Balance Sheet. (b) Interest on capital at 6% per annum till the date of her death. (c) Her share of profit to the date of death calculated on the basis of average profit of last four years. (d) Her share of goodwill to be determined on the basis of three years’ purchase of the average profit of last four years. The profits of last four years were:

Year	2010-11	2011-12	2012-13	2013-14
Profit (Rs.)	30,000	50,000	40,000	60,000

The balance in Momita’s Capital Account on 31st March, 2014 was Rs. 60,000 and she had withdrawn Rs. 10,000 till date of her death. Interest on her drawings was Rs. 300.
Prepare Momita’s Capital Account to be presented to her executors.

SOLUTION