Kavi, Dhruv and Parth are partners in a firm sharing profits and losses in the ratio of 3:1:1. On Kavi’s retirement from the firm on 1st April, 2022, the amount due to him is determined at ₹ 20,000. The firm took sufficient loan from the bank to pay the amount due to Kavi. You are required to pass the necessary journal entries to pay the amount due to Kavi. OR Gita, Sita and Meena were partners in a firm sharing profits and losses in the ratio of 2: 2:1. Gita died on 30th June, 2022. The firm closes its books on 31st March every year. According to their Partnership Deed, the representatives of the deceased partner would be entitled to get Gita’s share in the interim profits of the firm calculated on sales basis. Sales for the year 2020-21 were ₹ 6,00,000 and in the year 2021-22, till the date of her death, sales amounted to ₹ 1,20,000. The profits of the firm for the year 2020-21 were ₹ 1,80,000 You are required to: (i) Calculate Gita’s share of interim profit. (ii) Pass the necessary journal entry for giving Gita’s representative her share of interim profit.
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