P, Q and R wore partners in a firm sharing pr06ts and losses in the ratio of $\displaystyle 4$ : $\displaystyle 3$ : 3. P died on 30th June, 2021. The partnership deed provided that on the death of a partner, his share in the profits of the firm till the date of his death will be calculated on the basis of the average profits of the last five years. The profits of the last five years were : Year $\displaystyle 2$ $\displaystyle 2016$-$\displaystyle 2017$ $\displaystyle 2,00,000$ $\displaystyle 2017$-$\displaystyle 2018$ $\displaystyle 3,00,000$ $\displaystyle 2018$-$\displaystyle 2019$ $\displaystyle 4,00,000$ $\displaystyle 2019$-$\displaystyle 2020$ $\displaystyle 5,00,000$ $\displaystyle 2020$-$\displaystyle 2021$ $\displaystyle 6,00,000$ The firm closes its books on $\displaystyle 31$" March every year. Calculate Ps share in the profits of the firm and pass necessary journal entry for the same.

No. of months till P’s death = $\displaystyle 3$ months + + + + $\displaystyle 2,00,000$ $\displaystyle 3,00,000$ $\displaystyle 4,00,000$ $\displaystyle 5,00,000$ $\displaystyle 6,00,000$ Firm’s Average Profit = $\displaystyle 5$ $\displaystyle 20,00,000$ = = ₹ $\displaystyle 4,00,000$ $\displaystyle 5$ $\displaystyle 3$  Firm’s profit for $\displaystyle 3$ months = $\displaystyle 4,00,000$ $\displaystyle 12$ = ₹ $\displaystyle 1,00,000$ $\displaystyle 4$  = P’s share in the profit = $\displaystyle 1,00,000$ ₹ $\displaystyle 40,000$ $\displaystyle 10$ Journal of P, Q and R Debit Credit Particulars Amount Amount (₹) (₹) Profit and Loss Suspense A/c Dr. $\displaystyle 40,000$ To P ’s Capital A/c $\displaystyle 40,000$ (P’s share in the profit of the firm till his death transferred to his Capital A/c) Q. X Ltd. purchased assets …………………………