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Question : A and B are partners in a firm sharing profits in the ratio of 7: 5. On April 1,2017 they admit $C$ as a new partner for $\frac{1}{6}$ th share. The new ratio will be 13:7:4.

C contributed the following assets towards his capital and for his share of goodwill : Stock Rs.60,000; Debtors Rs.80,000; Land Rs.2,00,000; Plant and Machinery Rs. 1,20,000. On the date of admission of $C$, the goodwill of the firm was valued at Rs. 7,50,000
The amount of capital contributed by the new partner will be----

Option 1: Rs 4,60,000

Option 2: Rs 3,35,000

Option 3: Rs 4,00,000

Option 4: Rs 4,50,000


Team Careers360 20th Jan, 2024
Answer (1)
Team Careers360 22nd Jan, 2024

Correct Answer: Rs 3,35,000


Solution : Answer = Rs 3,35,000

Date Particulars L.F Dr.(Rs) Cr.(Rs)
1 April, 2017 Stock A/c........ Dr   60,000  
  Debtors A/c........... Dr   80,000  
  Land A/c.......... Dr   2,00,000  
  Plant and Machinery A/c.......... Dr   1,20,000  
  To C's Capital Ac(balancing/figure)     3,35,000
  To Premium for Goodwill Ac     1,25,000
  (Assets contributed by C on his admission as his)      

Hence, the correct option is 2.

 

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