Harihar, Hemang and Harit were partners with fixed capitals of ₹3,00,000, ₹ 2,00,000 & ₹ 1,00,000 respectively. They shared profits in the ratio of their fixed capitals. Harit died on 31st May, 2020, whereas the firm closes its books of accounts on 31st March every year. According to their partnership deed, Harit’s representatives would be entitled to get share in the interim profits of the firm on the basis of sales. Sales and profit for the year 2019-20 amounted to ₹8,00,000 and ₹2,40,000 respectively and sales from 1st April, 2020 to 31st May 2020 amounted to ₹ 1,50,000. The rate of profit to sales remained constant during these two years. You are required to: (i) Calculate Harit’s share in profit.
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Harit's share in the profit will be ₹7,500.
Given, Harihar, Hemang, and Harit were partners and they shared profits in the ratio of their fixed capital. Mr. Harit died and according to the question, he will be given his share in the profits of the firm based on sales. The rate of profit is given constant during the two years. Here is the calculation for Harit's share of profits to be entitled to his representatives:
Ratio of profit to sales = 240,000/8,00,000 * 100 = 30%
Profit till the date of death = 1,50,000 * 30% = ₹45,000
Profit sharing ratio = ₹3,00,000 : ₹2,00,000 : ₹1,00,000 = 3:2:1
Harit's share in the profits = 45,000 * 1/6 = ₹7,500
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