A,B and C are sharing profits and losses in the ratio 2:2:1. B died on 30 th June 2020. Books of accounts are closed on 31st March every year. Sales for the year ended 31st March ,2020 was Rs 3,00,000. Sales of 1,00,000 amounted between the period from 1st April 2020 to 30 th June 2020. Profit for the year ended 31 st March 2020 was Rs 30,000. Calculate deceased partner’s share of profit.
Answers
Answer:
sales : profit
3,00,000 : 30,000 (10:1) for (31-3-2020)
1,00,000 : ? for (30-6-2020)
profit = 1,00,000×1/10 = 10,000
share of B = 10,000×2/5 = 4000
Answer:
The answer is Rs. 16,000.
Explanation:
i) Given data:
Sales till 31st March = Rs 3,00,000
Sales for 1st April-30th June = Rs 1,00,000
Profit till 31st March = Rs 30,000
Profit for 1st April-30th June = ?
ii) The margin of profit = Profit till 31st March/ sales till 31st March
= 30000/300000 = 10%
Hence, Profit for 1st April-30th June = Sales for 1st April-30th June x Profit margin = 100000 x 10% = Rs 10000
iii) Share of B in profits = 2/5 x total profits
=2/5 x (30000+10000)
=Rs 16,000
iv) Hence, deceased partner's share of profit is Rs 16,000.
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