Calculate the share of profit or loss of the deceased partner if he retires after 3 months of the current accounting year from the partnership firm from the following information-
Share of deceased partner in firm= 1/4th
Profits for the last few years are = ₹175000(2018), ₹100000(2019), ₹75000(2020), ₹50000(2021)

₹6250

Average profit= (175000+100000+75000+50000)4
                    = 400000/4= ₹100000
Profit for the current year 3 months on basis of average profit= 100000*3/12= ₹25000
Deceased partner share= 25000*1/4= ₹6250