Question

Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3:2:2. On 23rd January 2015 Verma died. Verma's share of profit till the date of his death was calculated at Rs 2,350. Pass necessary journal entry for the same in the books of the firm.

Answer 1

Journal
Date	Particulars	L.F.	Dr. Rs	Cr. Rs
	Profit and Loss Suspense A/c    Dr.       To Verma’s Capital A/c (Being Verma’s share of profit dispensed through his capital Account)		2,350	2,350