[ISC] Q. 3 Death of Partner Solution TS Grewal Class 12 (2023-24)

Solution to Question number 3 of the Death of Partner Chapter of TS Grewal Book ISC Board 2023-24 Edition?

Manu, Neeraj and Saina were partners sharing profits and losses in the ratio of 3 : 2 : 1. Neeraj died on 30th June, 2022. Profit from 1st April, 2022 to 30th June, 2021 was ₹ 3,60,000. Manu and Saina decided to share future profits in the ratio of 3 : 2 with effect from 1st July, 2022.

Pass the necessary Journal entries to record Neeraj’s share of profit up to the date of death.

Solution:-

Working Notes:-