Question

Pink, Red and Yellow were partners in a firm. Yellow dies on 20th Feb.,2018. His share of profits from the closure of the last accounting year till date of death was to be calculated on the basis of the average of profit of three completed years before dead. Profits for 2015, 2016 and 2017 were Rs.70,000, Rs,80,000 and Rs,90,000 respectively. Calculate Yellow’s share of profit till his death and pass the necessary journal entry for the same.

Answer 1

Answer:

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