X, Y and Z were partners in a firm. The firm closes its books on 31st March every year. On 3l"$\displaystyle 1$ December $\displaystyle 2021$, X died. The partnership deed provided that the share of deceased partner in the profits of the firm till the date of his death will be calculated on the basis of last year's profit. The profit for the year ended $\displaystyle 31.3.2021$ was ₹ $\displaystyle 6,00$,000. Calculate X's share in the profits of the firm till the date of his death and pass the necessary journal entry for the same in the books of the firm.

$\displaystyle 9$ Firm’s profit for $\displaystyle 9$ months = ₹ $\displaystyle 6,00,000$ × $\displaystyle 12$ = ₹ $\displaystyle 4,50,000$ $\displaystyle 1$ X’s share is the profits till the date of his death = $\displaystyle 3$ $\displaystyle 4,50,000$ = ₹ $\displaystyle 1,50,000$ Journal Debit Credit Date Particulars Amount Amount (₹) (₹) $\displaystyle 2021$ Profit and Loss Suspense A/c Dr. $\displaystyle 1,50,000$ December $\displaystyle 31$ To X’s Capital A/c $\displaystyle 1,50,000$ (X’s share in the profits till the date of his death transferred to his Capital A/c) = $\displaystyle 3$