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X, Y and Z were sharing profits/losses in the ratio of 4:3:1. Y died ina car accident on 12 June 2021. As per the agreement, on death of a partner, his share of profit is to be calculated on the basis of average profit of last 4 years irrespective of profit or loss in the current year. Source: Ultimate Book of Accountancy X and Z decided to share future profits in the ratio of 3:2. Profits/loss for the last 4 years were as follows:
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