Theory:

“Do you not see?” replied the hermit. “If you had not pitied my weakness yesterday and had not dug these beds for me, you would have gone away. Then that man would have attacked you, and you would have wished you had stayed with me. So the most important time was when you were digging the beds. And I was the most important man, and to do me good was your most important business. Afterwards, when the man ran to us, the most important time was when you were caring for him, because if you had not dressed his wounds, he would have died without having made peace with you. So he was the most important man, and what you did for him was your most important business.
 
“Remember then, there is only one time that is important and that time is ‘Now’. It is the most important time because it is the only time we have any power to act.
 
“The most necessary person is the person you are with at a particular moment, for no one knows what will happen in the future and whether we will meet anyone else. The most important business is to do that person good because we were sent into this world for that purpose alone.”
Explanation:
  
The hermit explained
  • If the king had not helped him dig the ground, he would've left early, and the enemy (the bearded man) would have stabbed him.
  • But the king did the right thing - by taking pity on the hermit, he decided to help him.
  • That is the most important time that saved the king's life.
  • The most important person at that time, to the king - was the hermit.
  • The most important thing to do - was to do the hermit some good help.
Again, the same thing happened with the bearded man also:
  • The king cared for him the day before - the most important time.
  • The king dressed his wounds  - the most important thing to do.
  • The king cared for the man in pain - the most important person.
The hermit goes on to explain that, the most important time to do anything is NOW- because we have the power to act only in the present moment. The most important person is the person who you are with, at a particular time. No one knows what will happen in the future or whether we will meet anyone else. The most important business is to do good deeds because we were sent to this world only for that purpose.
Reference:
National Council of Educational Research and Training (2007). Honeycomb. Three Questions - Leo Tolstoy (pp. 7-13). Published at the Publication Division
by the Secretary, National Council of Educational Research and Training, Sri Aurobindo Marg, New Delhi.