Akhil, Bikram and Charu were partners sharing profits and losses in the ratio of 3 : 2 : 1. Bikram died on 30th september, 2022. Loss from the beginning of the accounting year till the date of death was estimated at ₹ 3,60,000. Akhil and Charu decided to share future profits in the ratio of 3 : 2 w.e.f. 1st October, 2022. Pass the necessary Journal entry to record Bhuwan’s share of profit/loss up to the date of death.

[Ans.: (I) Dr. Bikram’s Capital A/c and Cr. Profit & Loss Suspense A/c by ₹ 1,20,000. (ii) Dr. Profit & Loss Suspenses A/c by ₹ 1,20,000; Cr. Akhil’s Capital A/c by ₹ 36,000 and Charu’s Capital A/c by ₹ 84,000. Alternatively: Dr. Bikram’s Capital A/c by ₹ 1,20,000; Cr. Akhil’s Capital A/c by ₹ 36,000 and Charu’s Capital A/c by ₹ 84,000.]

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