If X share of profit was to be calculated on the basis of the Average Profit of the last three years, which were ₹1,36,000 for 2018-19, ₹1,54,000 for 2019-20, and ₹1,00,000 for 2020-21. X share of profit for the period from April 01, 2020 to June 30, 2020 shall be calculated on the basis of Average Profit. The profit-sharing ratio is 4: 5: 1 between X, Y, and Z. His share of the profit will be:
Answer & explanation
Correct answer: option 2
The correct answer is option 2- ₹13,000.
Average profits = (1,36,000 + 1,54,000 + 1,00,000) /3
= 3,90,000/3
= 1,30,000
X share = 1,30,000 X 4/10
= 52,000
1 April to 30 june = 52,000 X 3/12
= ₹13,000