Question

X, Y and Z were partners sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Y died on 30th June, 2018. The Profit from 1st April, 2018 to 30th June, 2018 amounted to ₹ 3,60,000. X and Z decided to share the future profits in the ratio of 3 : 2 respectively with effect from 1st July, 2018. Pass the necessary journal entries to record Y’s share of profit up to the date of death.

Answer 1

3 : 2 respectively with effect from 1st July, 2018. Pass the necessary journal entries to record Y’s share of profit up to the date of

HOPE THIS HELPS ❤️

PLEASEMARK AS BRAINLIEST ❤️❤️

Answer 2

Calculation of Y’s Share of Profit

Y's share=Firm's Profit×Y's Profit Share

Y's share=3,60,000×$\frac{2}{6}$=1,20,000 (to be borne by gaining partners in gaining ratio)

Calculation of Gaining Ratio

Gaining Ratio = New Ratio − Old Ratio

$\begin{aligned}&\mathrm{X}^{\prime} \text { s gain }=\frac{3}{5}-\frac{3}{6}=\frac{3}{30}\\&\text { Z's gain }=\frac{2}{5}-\frac{1}{6}=\frac{7}{30}\end{aligned}$

Gaining Ratio=3:7

$\begin{array}{l}\text { X's share }=1,20,000 \times \frac{3}{10}=36,000 \\\\\text { Z's share }=1,20,000 \times \frac{7}{10}=84,000\end{array}$