Monu, Sonu and Golu are partners in a firm sharing profits in the ratio of 2 : 2 : 1 . Golu died on 5th November 2021. Under the partnership deed, the - Accountancy MCQ CUET Accountancy 2022 20 July Shift 1 2026 | ExamTest.live

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Monu, Sonu and Golu are partners in a firm sharing profits in the ratio of 2 : 2 : 1 . Golu died on 5th November 2021. Under the partnership deed, the executors of the deceased partner are entitled to his share of profit to the date of death, calculated on the basis of last year's profit. Profit for the year ended 31st March 2022 was Rs. 3,00,000. (Assuming this means profit for the previous year or estimated profit basis). Golu's share of profit will be:

Solution & Step-by-step Explanation

Golu died on 5th November, which is 219 days or exactly 7.2 months from 1st April. Let's use months: Apr(30)+May(31)+Jun(30)+Jul(31)+Aug(31)+Sep(30)+Oct(31)+Nov(5) = 219 days. \frac{219}{365} = \frac{3}{5} of a year.Profit basis = Rs. 3,00,000.Golu's share of profit = 3, 00, 000 \times \frac{1}{5} \times \frac{3}{5} = 3, 00, 000 \times \frac{3}{25} = 36, 000 .

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Monu, Sonu and Golu are partners in a firm sharing profits in the ratio of 2 : 2 : 1 . Golu died on 5th November 2021. Under the partnership deed, the executors of the deceased partner are entitled to his share of profit to the date of death, calculated on the basis of last year's profit. Profit for the year ended 31st March 2022 was Rs. 3,00,000. (Assuming this means profit for the previous year or estimated profit basis). Golu's share of profit will be:

Rs. 1,80,000

Rs. 60,000

Rs. 36,000

Rs. 3,00,000

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