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Question
Give the formula for calculating the outgoing partner's share in the interim profits of the firm, on the basis of sales made by the firm.
Equation/Formula
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Solution
Outgoing partner's share in profit till the date of retirement or death shall be:
Sales from the date of last B/S = `"Previous year's Profit"/"Previous year's Sales"xx"Retiring or Deceased Partner's share of profit"`
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