Ram and Laxman were partners. The partnership deed provides that: (i) The annual accounts be balanced on 31st December each year; (ii) The profits…

Ram and Laxman were partners. The partnership deed provides that: (i) The annual accounts be balanced on 31st December each year; (ii) The profits be allocated as follows: Ram: One-half; Laxman: One-third and -Carried to reserve account: One sixth; (iii) That in the event of death of a partner, his executor will be entitled to the following: (1) The capital to his credit at the date of death; (2) His proportionate share of profit to date of death based on the average profits of the last three completed years; and (3) His Share of goodwill based on three years' purchase of the average profits for the three preceding completed years. Trial Balance as on 31st December, 2025 Particulars Debit (₹) Credit (₹) Ram's Capital 90,000 Laxman's Capital 60,000 Reserve 45,000 Bills receivable 50,000 Investment 55,000 Cash 1,10,000 Trade payables 20,000 Total 2,15,000 2,15,000 The profits for the three years were 2023:51,000; 2024:39,000 and 2025:45,000. Laxman died on 1st May 2026. Show the calculation of Laxman (A) Share of profits; (B) Share of Goodwill; (C) Draw up Laxman 's Executor Account as would appear in the firms' ledger transferring the amount to the Loan account.