Accountancy > Accounting For Partnership Firms > Death Of A Partner
Zaina, Yash and Kiran were partners in a firm sharing profits and losses in the ratio 2:2:1. Zaina died on 1st July, 2024. As per the partnership deed, Zaina's share of profit or loss till the date of her death was to be calculated on the basis of sales. Sales for the year ended 31st March, 2024 amounted to ₹ 4,00,000 and that from 1st April to 30th June, 2024 was ₹ 1,50,000. The profit for the year ending 31st March, 2024 was calculated as ₹ 1,00,000. The books of accounts are closed on 31st March every year.
Calculate Zaina's share of profit in the firm till the date of her death and pass necessary journal entry for the same.
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