Ramesh, Rajesh and Raman are partners in a firm sharing profits and losses in the ratio of 2: 2: 1. On 30th June, 2021, Ramesh died. Sales for the…

Sales for $\displaystyle 2020$–$\displaystyle 21$ ₹ $\displaystyle 12{,}00{,}000$ Profit for $\displaystyle 2020$-$\displaystyle 21$ ₹ $\displaystyle 1{,}20{,}000$ Sales for $\displaystyle 3$ months = ₹ $\displaystyle 4{,}00{,}000$ Profit for $\displaystyle 3$ months = $\displaystyle 4{,}00{,}000$/$\displaystyle 12{,}00{,}000$ x1,$\displaystyle 20{,}000$ = ₹ $\displaystyle 40{,}000$ Or Rate of profit = $\displaystyle 1{,}20{,}000$ /$\displaystyle 12{,}00{,}000$ x100 =$\displaystyle 10$% Profit for $\displaystyle 3$ months =$\displaystyle 10$% of $\displaystyle 4{,}00{,}000$ = ₹$\displaystyle 40{,}000$ $\displaystyle 2$ Ramesh’s share of profit = × ₹ $\displaystyle 40{,}000$ $\displaystyle 5$ = ₹ $\displaystyle 16{,}000$ Journal L Debit Credit Date Particulars . Amount Amount F (₹) (₹) $\displaystyle 2021$ Profit & Loss Suspense A/c $\displaystyle 16{,}000$ June To Ramesh’s capital A/c $\displaystyle 16{,}000$ $\displaystyle 30$ (Ramesh’s share of profit till date of his death transferred to his capital A/c)