Multiple Choice Questions on A B and C were partners sharing profits and losses in the ratio of 2 2 1 Books are closed on 31st Ma........... for Commerce 12th Preparation

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Multiple Choice Questions

A B and C were partners sharing profits and losses in the ratio of 2 2 1 Books are closed on 31st Ma...........

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    A, B and C were partners sharing profits and losses in the ratio of 2 : 2 : 1. Books are closed on 31st March every year. C dies on 5th November, 2018. Under the partnership deed, the executors of the deceased partner are entitled to his share of profit to the date of death, calculated on the basis of last year’s profit. Profit for the year ended 31st March, 2018 was Rs2,40,000. C’s share of profit will be :

    Rs28,000

    Incorrect Answer

    Rs32,000

    Incorrect Answer

    Rs28,800

    Correct Answer

    Rs48,000

    Incorrect Answer
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    Explanation:

    - The partnership ratio is 2 : 2 : 1, meaning C holds a 1/5 share in profits.

    - The profit for the year ending 31st March 2018 is Rs 2,40,000.

    - To calculate C's share of profit up to C's death on 5th November 2018:

    - First, determine the daily profit by dividing the annual profit by 365 days: Rs 2,40,000 / 365 = Rs 657.53 (approximately).

    - Then, calculate the profit up to 5th November: There are 219 days from 1st April to 5th November.

    - Rs 657.53 * 219 = Rs 1,44,000.

    - C's share is 1/5 of Rs 1,44,000, which is Rs 28,800.

    - Option 3: Rs 28,800 is the correct answer.

    By: santosh
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