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Question
A, B and C are the partners sharing profits in the ratio of 7:5:4 died on 30th June and profits for the current accounting year were 48,000. How much share in the profits for the period 1st April to 30th June will be credited to C account.
A, B and C are the partners sharing profits in the ratio of 7:5:4 died on 30th June and profits for the current accounting year were 48,000. How much share in the profits for the period 1st April to 30th June will be credited to C account.
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Solution
The correct option is C 3,000
C's share of profit for whole year = 4/16 * 48000 = 12,000
1st April to 30th June = 3 months
C's share of profit for 3 months = 12,000 * 3/12 = 3,000
3,000
C's share of profit for whole year = 4/16 * 48000 = 12,000
1st April to 30th June = 3 months
C's share of profit for 3 months = 12,000 * 3/12 = 3,000
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