Question - 36 

Manav, Nath and Narayan were partners in a firm sharing profits and losses in the ratio of 1:2:1 the firm closes its books on 31st March every year on 30th Sep., 2015 Nath died on that date his capital account showed a debit balance of Rs. 5,000 there was a debit Balance of Rs. 30,000. in the profit and loss account the goodwill of the firm was valued at Rs. 3,80,000. Nath's share of profit in the year of his death was to be calculated on the basis of average profit of last 5year which was Rs. 90,000 pass necessary journal entires in the books of the firm on Nath's death.

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