Class/Course - CA - CPC

Subject - Fundamentals of Accounting

Chapter - Admission of New Partner


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Q.1 A and B are partners sharing profits in the ratio of 5:3. They admitted C for 1/5th share of profits for which he paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill. Find the capital balances for each partner taking C’s Capital as base capital:
  3,00,000 : 1,20,000 : 1,20,000
  3,00,000 : 1,20,000 : 1,80,000
  3,00,000 : 1,80,000 : 1,20,000
  3,00,000 : 1,80,000 : 1,80,000