A & B are partners having capital of Rs 29,000 & 15,000. Reserve shown in balance...

 

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A & B are partners having capital of Rs 29,000 & 15,000. Reserve shown in balance sheet was Rs 10,000. C is admitted as a new partner introducing a capital of Rs 21,000. New profit sharing ratio is 5:3:2. Profit on revaluation of assets & liabilities were Rs 5,000. C is to bring premium for goodwill in cash. Goodwill amount being calculated on the basis of C's share in the profits and capital contributed by him. Premium for goodwill to be brought in new partner C should be A Rs 30,000 B C D Rs 25,000 Rs 15,000 Rs 5,000 A & B are partners having capital of Rs 29,000 & 15,000. Reserve shown in balance sheet was Rs 10,000. C is admitted as a new partner introducing a capital of Rs 21,000. New profit sharing ratio is 5:3:2. Profit on revaluation of assets & liabilities were Rs 5,000. C is to bring premium for goodwill in cash. Goodwill amount being calculated on the basis of C's share in the profits and capital contributed by him. Premium for goodwill to be brought in new partner C should be A Rs 30,000 B C D Rs 25,000 Rs 15,000 Rs 5,000

Answer rating: 100% (QA)

Cs share 210 15 Reciprocal of Cs share 51 5 Total capital of the firm New partners capital X Reci... View the full answer