58 :- Yogesh, Naresh and Parvesh were partners in a firm sharing profits in the ratio of 2:2:1. Naresh retired on 1st October 2024. In terms of the partnership deed, financial statements were prepared as on date of retirement and profit was determined as Rs 7,20,000
(a) Pass the journal entries for distribution of profit for the period.
(b) Pass the journal entries if loss of Rs 3,60,000 was incurred.
Solution :-
