) Kumar, Verma and Naresh were partners in a firm sharing profit & loss in
the ratio of 3:2:2. On 23rd January, 2015 Varma died. Varma's share of profit
till the date of his death was calculated at 2,350.
Pass necessary journal entry for the same in the books of the firm.
Answers
Answer:P/L suspense a/c Dr 2,350
To verma a/c. 2,350
Explanation:
Answer:
Explanation:
Kumar, Verma and Naresh were partners in a firm sharing profit & loss in
the ratio of 3:2:2. On 23rd January, 2015 Varma died. Varma's share of profit
till the date of his death was calculated at 2,350.
Journal entries
Date Particulars L.F Dr. Cr.
Profit & loss suspense A/c 2350
To Verma's Capital A/c 2350
( Being verma's share of profit dispensed
through his capital a/c )