The correct answer is option 'B', Equity Share.

Equity shares, also known as ordinary shares or common shares, represent ownership in a company. When a company earns a profit or surplus, it can distribute a portion of it among its shareholders. This distribution is known as a dividend and is usually paid in proportion to the number of equity shares held by each shareholder.

Let's understand why the other options are not correct:

a) Preference share: Preference shares are a type of share that gives preferential rights to shareholders in terms of dividend payment and repayment of capital in the event of liquidation. Preference shareholders receive a fixed dividend before equity shareholders. However, the question is asking about the distribution of profit or surplus, which is specific to equity shares.

c) Face Value: The face value, also known as the par value or nominal value, is the value stated on the face of a share or bond. It represents the initial price at which the shares were issued and has no relation to the distribution of profits among shareholders.

Now, let's discuss why option 'B', Equity Share, is the correct answer:

1. Definition of Equity Share:
- Equity shares represent ownership in a company.
- Equity shareholders have voting rights and are entitled to share in the company's profits and assets.
- They bear the highest risk and enjoy the highest potential for returns.

2. Distribution of Profit:
- When a company makes a profit, it can distribute a portion of it among its shareholders.
- Equity shareholders are entitled to a share in the profit in proportion to the number of equity shares they hold.
- The company's board of directors determines the dividend amount and declares it to the shareholders.

3. Proportional Distribution:
- The dividend is distributed proportionately among equity shareholders.
- For example, if a company declares a dividend of $1 per share and an investor holds 100 equity shares, they would receive $100 as a dividend.

4. Other Surpluses:
- Apart from profits, companies may also distribute other surpluses, such as reserves or surplus funds.
- These distributions are also made proportionately among equity shareholders.

In conclusion, the part of profit or other surpluses of a company distributed proportionately among shareholders is called Equity Share. Equity shareholders enjoy the benefits of ownership, including the right to receive dividends when the company earns a profit.