Question

please answer this Furkan, Tanmay and Barkat were partners in a firm sharing profits in the ratio of 3 : 2 : 1. The firm closes its books on 31st March every year. Tanmay died on 31st July, 2019. His executor was entitled to :

Answer 1

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Answer 2

A journal entry is a financial record of the transaction of an enterprise.

• The correct journal entries are -

Furkan’s capital A/c Dr.  24,000

Barkat’s capital A/c Dr. 8,000

To Tanmay’s capital A/c  32,000

( Being Tanmay’s share of goodwill adjusted)

Profit & Loss suspense A/c Dr.  8,667

To Tanmay’s capital A/c  8,667

( Being year's profit share credited to deceased  Partner’s Capital A/c)

Tanmay’s capital A/c Dr.  8,40,667

To Tanmay’s Executor’s Loan A/c   8,40,667

( Being deceased partner’s capital balance transferred to  executor’s A/c)

Tanmay’s Executor’s A/c Dr.  95,000

To Bank A/c  95,000

( Being payment made to the executor)