Vimal, Kamal and Nirmal were partners sharing profit & losses in the ratio of 3: 2: 1. Vimal died on 30th September, 2020. The partnership deed provides that the share of profit of the deceased partner till the date of his death was to be calculated on the basis of the average profits of the last three years, The profit for the last three years were 2017-18 ₹ 70,000; 2018-19 ₹80,000; 2019-20 (₹60,000).

Amount Calculate Vimal’s share of profit till the date of his death and pass necessary journal entry for the same.

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

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