Question

manav , nath and narayan were partners in a firm sharing profits in the ratio 1:2:1 . the firm closes its books on 31st march every year. on 30 sept, 2015 Nath died . on that date capital accounts showed a dr. balance of ₹380000. nath's share of profit in the year of his death was to be calculated on the basis of average profit of last 5 years , which was ₹90000. pass journal entries of the firm on nath's death and also show working notes

Answer 1

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