Question

14. X, Y and Z were partners in a firm.Z died on 31st May, 2020. His share of profit from the closure of the last
accounting year till the date of death was to be calculated on the basis of the average of three completed
years of profits before death. Profits for the years ended 31st March, 2018, 2019 and 2020 were 18.000,
* 19,000 and 17,000 respectively,
Calculate Z's share of profit till his death and pass necessary Journal entry for the same when
(a) profit-sharing ratio of remaining partners does not change, and
(b) profit sharing ratio of remaining partners changes and new ratio being 3:2​

Answer 1

Answer:

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