Question : Sara, Sita and Meena were partners in a firm sharing profits and losses in the ratio of 2: 2: 1. Sara died on 30th June, 2017, whereas the firm closes its books on 31st March every year. According to their Partnership Deed Sara's representatives would be entitled to get share in the interim profits of the firm calculated on sales basis. Sales and profit for the year 2016-17 were Rs.6,00,000 Rs.1,80,000 respectively and sales in the year 2017-18, till the date of her death amounted to Rs.1,20,000. Sara's share of interim profit will be
Option 1: Rs 14,000
Option 2: Rs 14,600
Option 3: Rs 14,400
Option 4: None of the above.
Correct Answer: Rs 14,400
Solution :
Answer =
Rs 14,400
Profit= 1,80,000
Sales= 6,00,000
Profit=$\frac{1,80,000}{6,00,000} \times 1,20,000$= 36,000.
Sara's share of profit= 36,000×$\frac{2}{5}$= 14,400.
Hence, the correct option is 3.