Ownclasses

Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3: 2: 2. On 23rd January, 2015 Verma died. Verma's share of profit till the date of his death was calculated at Rs 2,350.
Pass necessary journal entry for the same in the books of the firm.

Answer
Date Particulars L.F. Debit(Rs.) Credit (Rs.)
 

Profit and Loss Suspense A/C    Dr.
To Verma's Capital A/C
(Verma's share of Profit transferred to his Capital Account)
  2350

2350