Zaina, Yash and Kiran were partners in a firm sharing profits and losses in the ratio $\displaystyle 2$ : $\displaystyle 2$ : 1. Zaina died on 1st July, 2024. As per the partnership deed, Zaina's share of profit or loss till the date of her death was to be calculated on the basis of sales. Sales for the year ended 31st= March, $\displaystyle 2024$ amounted to ₹ $\displaystyle 4,00,000$ and that from 1st April to 30th June, $\displaystyle 2024$ was ₹ $\displaystyle 1,50$,000. The profit for the year ending 31St= March, $\displaystyle 2024$ was calculated as ₹ $\displaystyle 1,00$,000. The books of accounts are closed on $\displaystyle 31$" March every year. Calculate Zaina's share of profit in the firm till the date of her death and pass necessary journal entry for the same.

Books of Zaina, Yash and Kiran Journal Date Particulars L.F. Dr. Cr. Amount Amount (₹) (₹) $\displaystyle 2024$ July1 Profit and Loss Suspense A/c Dr. $\displaystyle 15,000$ To Zaina’s Capital A/c $\displaystyle 15,000$ (Zaina’s share of profit transferred to her capital account) Calculation of Firm’s profits till Zaina’s death: If sale is ₹$\displaystyle 4,00,000$, the profit = ₹$\displaystyle 1,00,000$ If sale is ₹$\displaystyle 1,50,000$, the profit = ₹$\displaystyle 1,00,000$ x ₹$\displaystyle 1,50,000$ ₹$\displaystyle 4,00,000$ = ₹$\displaystyle 37,500$ Calculation of Zaina’s share of profit till death = ₹$\displaystyle 37,500$ x $\displaystyle 2$/$\displaystyle 5$ = ₹$\displaystyle 15,000$