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X, Y and Z are the partners sharing profits in the ratio of 7:5:4. On 30th June, 2008 Z died and profit for the year ending 31st March, 2009 were Rs. 2,40,000. How much share in profits for the period 1st April 2008 to 30th June 2008 will be credited to Z’s account assuming the profit occurred evenly throughout the year?
  • a)
    Rs. 60,000
  • b)
    Rs. 15,000
  • c)
    Rs. 20,000
  • d)
    Nil 
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
X, Y and Z are the partners sharing profits in the ratio of 7:5:4. On ...
To find Z's share in profits for the period 1st April 2008 to 30th June 2008, we need to calculate the ratio of time for which Z was a partner.

The total time period for the year ending 31st March, 2009 is 12 months.
Z died on 30th June, 2008, which means Z was a partner for 3 months (April, May, June) out of the total 12 months.

Now, let's calculate the share of Z in the profits for the period 1st April 2008 to 30th June 2008.

Total profit for the year = Rs. 2,40,000
Ratio of X, Y, and Z's share in profits = 7:5:4

Total ratio = 7 + 5 + 4 = 16

Z's share in profits for the year = (Z's ratio / Total ratio) * Total profit
Z's share in profits for the year = (4 / 16) * 2,40,000
Z's share in profits for the year = (1/4) * 2,40,000
Z's share in profits for the year = Rs. 60,000

Since Z was a partner for 3 months, Z's share in profits for the period 1st April 2008 to 30th June 2008 will be:

Z's share in profits = (Z's share in profits for the year / Total months) * Number of months
Z's share in profits = (60,000 / 12) * 3
Z's share in profits = 15,000 * 3
Z's share in profits = Rs. 45,000

Therefore, Z's share in profits for the period 1st April 2008 to 30th June 2008 will be Rs. 45,000.
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X, Y and Z are the partners sharing profits in the ratio of 7:5:4. On 30th June, 2008 Z died and profit for the year ending 31st March, 2009 were Rs. 2,40,000. How much share in profits for the period 1st April 2008 to 30th June 2008 will be credited to Z’s account assuming the profit occurred evenly throughout the year?a)Rs. 60,000b)Rs. 15,000c)Rs. 20,000d)NilCorrect answer is option 'B'. Can you explain this answer?
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