Riyansh, Garv and Kavleen were partners in a firm sharing profit and loss in the ratio of 8: 7: 5. On 2nd November, 2018, Kavleen died. Kavleen's share of profits till the date of her death was calculated at Rs. 9,375. Pass the necessary journal entry. (CBSE Sample Paper 2019)

Riyansh, Garv and Kavleen were partners in a firm sharing profit and loss in the ratio of 8: 7: 5. On 2nd November, 2018, Kavleen died. Kavleen’s share of profits till the date of her death was calculated at Rs. 9,375. Pass the necessary journal entry. (CBSE Sample Paper 2019)

SOLUTION

Journal

Date	Particulars	L.F	Amount (Dr.)	Amount (Cr.)
2018 Nov 2	Profit & Loss A/c Dr. To Kavleen’s Capital A/c (Kavleen’s Share of Profit up to the date of her death transferred to her capital A/c)		9375	9375