On the Death of a Partner, which account is debited for his/her share of profit for the intervening period, i.e., the period from date of the last balance sheet till the date of the partner's death:

Profit and Loss suspense account

The correct answer is option 2- Profit and Loss suspense account.

Profit and Loss suspense account  is debited for his/her share of profit for the intervening period, i.e., the period from date of the last balance sheet till the date of the partner's death.

To account for the deceased partner's share of profits and loss during the interim period in the company's financial records, the following journal entry is recorded:

FOR PROFIT-
Debit Profit and Loss Suspense Account and Credit Deceased Partner's Capital Account.
Subsequently, the Profit and Loss Suspense Account is reconciled by transferring its balance to the Gaining Partners' Capital Accounts based on their gaining ratio.

FOR LOSS-
Debit Deceased Partner's Capital Account and credit Profit and Loss Suspense Account.