X, Y and Z were partners sharing profits and losses equally. Y died on 1st October, 2023 and total amount transferred to Y’s executors was ₹15,60,000. Y’s executors were being paid ₹3,60,000 immediately and balance was to be paid in four equal quarterly instalments, together with Interest @ 6% p.a. Pass entries till payment of first two instalments.

Mark-4, CBSE: 2024-25/Sample/Q-22