Question

Aditi, Sukriti and Niti were partners sharing profits in the ratio of 2 : 2 : 1. Sukriti died on 30 superscript{th June, 2023. Net profit for the year ended 31 superscript{st} March, 2023 was Rs.4,50,000. If the deceased partner’s share of profit is to be calculated on the basis of previous year’s profit, the amount of profit credited to Sukriti’s Capital Account will be:}

• A. Rs.90,000
• B. Rs.45,000
• C. Rs.1,80,000
• D. Rs.1,12,500

Hint:

To calculate a deceased partner’s share of profit, prorate the annual profit based on the time period and then allocate the share as per the profit-sharing ratio.

Answer 1

The Correct Option is B

The financial year concluded on March 31st, 2023, with a total profit of Rs.4,50,000. Sukriti's portion of profit is computed from the commencement of the financial year until her demise, covering a period of 3 months: \[ {Profit for 3 months: } Rs.4,50,000 \times \frac{3}{12} = Rs.1,12,500 \] Based on the profit-sharing ratio of 2 : 2 : 1, Sukriti's allocated share is: \[ {Sukriti’s Share: } Rs.1,12,500 \times \frac{2}{5} = Rs.45,000 \]