The total profit as on 31.3.2018 is Rs. 1,25,000 and a partner died on 31st December 2018. Profit earned till 31st December is Rs. 93,750. So what is his share of profit if the profit sharing ratio is equal.
None of the above
The deceased partner's claim on profits is only till the date of death. Profit sharing is given equally. PSR= 1:1:1
Hence, the Rs 93,750 profits till 31st December is shared between the three partners equally.
So, deceased partner's share of profit
=Rs 93,750×13=Rs 31,250