Ramesh, Rajesh and Raman are partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 30th June, 2021, Ramesh died. Sales for the year ended 31st March, 2021 were ₹12,00,000 and profits were ₹1,20,000. The sales for the period from 1st April, 2021 to 30th June, 2021 amounted to ₹4,00,000. Accounts are closed on 31st March every year. Calculate Ramesh’s share of profits till the date of his death and pass the necessary journal entry for the same in the books of the firm.

Marks-3, CBSE:2021-22/Term-2/Zone-2/Set-1/Q-5