Question

) 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.
​

Answer 1

Answer:P/L suspense a/c Dr 2,350

To verma a/c. 2,350

Explanation:

Answer 2

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 )