Q and R were partners in a firm sharing profits and losses in the ratio of 9 : 8 : 7. The firm closes its books on 31st March every year. Q died on 30th November, 2021. The partnership deed provided that a deceased partner’s share in the profits of the firm in the year of his death will be calculated on the basis of the last year’s profit. During the year ended 31st March, 2021 the firm’s profit was ₹9,00,000.

Calculate Q’s share of profit till the date of his death and pass necessary journal entry on the same date in the books of the firm.

Marks-3, CBSE:2021-22/Compartment/Q-5