Question

0.38. Mohan, Naresh and Om were in partnership sharing profits and losses in theratio of 10: 4:1. On 1st April, 2015 their capitals were 13,00,000; 31,50,000 and550,000 respectively. On this date they admit Piyush as a new partner and the newprofit sharing ratio is agreed at 5:4:4:2. The following terms were also agreed upon:(i) Piyush will bring in 40,000 as his capital.(ii) He will also bring in his share of goodwill in cash. Goodwill is to be valuedon the basis of capitalisation at 10% of the average profits of the last threeyears. Profits of the last three years were :₹Year ended 31st March 201348,000Year ended 31st March 201475,000Year ended 31st March 201572,000(ii) The new partner is entitled to an annual salary of 37,500 in addition to hisshare of profit. Om personally guaranteed that Piyush's share of profit shallnot be less than 30,000.Profits for the year ended

Answer 1

Explanation:

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