Question

Nicku, Mala and Ritu were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Nicku died on 30th September, 2023. The deceased partner was entitled to his share of profit up to the date of death, which was to be calculated on the basis of the previous year’s profit. The previous year’s profit was ₹ 80,000. Nicku’s share of profit will be ______.

पर्याय

• ₹ 10,000

• ₹ 20,000

• ₹ 30,000

• ₹ 40,000

Answer 1

Nicku, Mala and Ritu were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Nicku died on 30th September, 2023. The deceased partner was entitled to his share of profit up to the date of death, which was to be calculated on the basis of the previous year’s profit. The previous year’s profit was ₹ 80,000. Nicku’s share of profit will be ₹ 20,000.

Explanation:

Total profit for the previous year = ₹ 80,000.

Profit-sharing ratio 5 : 3 : 2

Nicku’s share = `5/(5 + 3 + 2)`

= `5/10`

= `1/2`

So his share for a full year = `1/2 × ₹ 80,000`

= ₹ 40,000

Nicku died on 30th September. Under the usual convention (profits calculated from the beginning of the financial year), the period April 1 to September 30 is 6 months out of 12. So he is entitled to `6/12` of his annual share:

= `6/12 × ₹ 40,000`

= ₹ 20,000