Super profit refers to :

Difference between Average adjusted profit and Normal profit

The correct answer is Option (3) - Difference between Average adjusted profit and Normal profit.

Super profit refers to Difference between Average adjusted profit and Normal profit.

Super profit  is earned by a firm when there actual profit is more than the normal profit i.e. profit earned by a similar business. Actual profit is adjusted against any abnormal profit and loss to calculate the adjusted profit of that particular year and then adjusted profits of all years are averaged.

Option (1) is incorrect because super profit is not restricted to partnership firms; it is a general concept.

Option (2) is incorrect because it reverses the relationship; super profit is calculated as average profit minus normal profit, not the difference between normal profit and accounting profit in that manner.

Option (4) is incorrect because capital multiplied by normal rate of return gives normal profit, not super profit.