X, Y and Z were partners sharing profits and losses in the ratio of 3: 2: 1. Y died on 30th June, 2021. Profit from 1st April, 2021 to 30th June, 2021 was Rs. 3,60,000. X and Z decided to share the future profits in the ratio of 3: 2 respectively with effect from 1st July, 2021. Pass the necessary Journal entries to record Y's share of profit up to the date of death.

X, Y and Z were partners sharing profits and losses in the ratio of 3: 2: 1. Y died on 30th June, 2021. Profit from 1st April, 2021 to 30th June, 2021 was Rs. 3,60,000. X and Z decided to share the future profits in the ratio of 3: 2 respectively with effect from 1st July, 2021. Pass the necessary Journal entries to record Y’s share of profit up to the date of death.

SOLUTION