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Anil, Sunil and Hari were partners sharing profits equally. Sunil died on 31st December, 2024. In terms of the Partnership Deed, accounts were prepared for the period ended 31st December, 2024 and net profit was determined at ₹6,00,000. Pass the Journal entry for the profit share of the partners.
JOURNAL
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| 2024 Dec 31 | Profit & Loss Appropriation A/c Dr. | 6,00,000 | ||
| To Anil’s Capital A/c | 2,00,000 | |||
| To Sunil’s Capital A/c | 2,00,000 | |||
| To Hari’s Capital A/c | 2,00,000 | |||
| (Profit for the period distributed equally, 1 : 1 : 1) |
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "T.S. Grewal Class 12 Chapter 6 Q.11 - Death of a Partner", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 6 - Death of a Partner.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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