X, Y and Z were partners in a firm sharing profit in 3: 2: 1. The firm closes its books on 31st March every year. Y died on 30th June, 2021. On Y’s death goodwill of the firm was valued at Rs. 60,000. Y’s share in the profit of the firm till the date of his death was to be calculated on the basis of previous year’s profit which was Rs. 1,50,000. Pass necessary Journal entries for goodwill and Y’s share of profit at the time of his death.


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