Answer to Question #143583 in Accounting for Anuj

Question

A, B and C are equal partners whose books of accounts closes on 31st March
every year. B died on 30th June. A and c decided to share future profits in the
ratio of 3:2. Which of the following journal entry will be passed for providing
profit of the deceased partner upto the date of death: [1]
(a) Profit and Loss Suspense Account Dr.
To B’s Capital Account
(b) Sacrificing Partners’ Capital Account Dr.
Gaining Partners’ Capital Account
(c) Gaining Partners’ Capital Account Dr.
To Sacrificing Partners’ Capital Account
(d) All partners’ Capital Account Dr.
To Profit and Loss Appropriation Account

Answer 1

(b)