Accountancy > Accounting For Partnership Firms > Death Of A Partner

M, N and P were partners in a firm sharing profits in the ratio of 5 : 3 : 2. N died on 31st August, 2023. At the time of his death, N's capital was ₹ 5,00,000. According to the partnership deed, his legal representatives are entitled to the following:
(i) Interest on capital @ 12% p.a.
(ii) His share in the profit upto the date of death to be calculated on the basis of last year's profit. Last year's profit was ₹ 1,80,000.
(iii) His share of goodwill to be calculated on the basis of 1.5 years purchase of average profits of last three years. The profits for the last three years were ₹ 1,80,000; ₹ 1,40,000 and ₹ 1,60,000.

Prepare N's Capital Account to be rendered to his executors.