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Dakshay, Dev and Kapil are partners sharing profits in the ratio of 2:2:1. Kapil dies on 1st April 2014. The profit for the accounting year ending on 31st December, 2014 amount to Rs.2,40,000. Calculate the share of the deceased partner in profits of the firm.
Dakshay, Dev and Kapil are partners sharing profits in the ratio of 2:2:1. Kapil dies on 1st April 2014. The profit for the accounting year ending on 31st December, 2014 amount to Rs.2,40,000. Calculate the share of the deceased partner in profits of the firm.
Profit of the year is Rs. 2,40,000
Profit from 1st January to 1st April, 2014 i.e. for 3 months= 2,40,000 x 3/12 = Rs.60,000
Kapil’s share will be 60,000 x 1/5 = Rs. 12,000