4.Heena and Sudha share profits and losses equally.Their capitals were ₹1 20 000 and ₹80 000 respectively.There was also a balance of ₹60 000 in General Reserve and revaluation gain amounted to ₹15 000 .They admit their friend Teena with 1/5 share.Teena brings ₹90 000 as capital.Calculate the amount of goodwill of the firm. (a) ₹85 000 (b) ₹1 00 000 (c) ₹20 000 (d) None of these
Answers
Answer:
a) 8500 is the answer...
Explanation:
Goodwill calculated in the basis of Teena capital
Teena capital 90000 Teena share 1/5
Total capital of firm = 90000×5/1=450000 (-) capitals of all partners = (120000+80000+90000+60000+15000) =365000
goodwill of firm ,= 450000-365000
= 85000
The correct answer is (a) 85,000
Given,
Heena and Sudha share profits and losses equally.
Capital of Heena = Rs. 1,20,000
Capital of Sudha = Rs. 80,000
General reserve = Rs. 60,000
Revaluation gain = Rs. 15,000
New partner admitted who is Teena with 1/5 share. She brings Rs. 90,000 as capital
To find,
Amount of goodwill
Solution,
If the capital of Teena is 1/5 of the total capital which is equal to Rs. 90,000
I.e. 1/5 of Total capital = Rs. 90,000
Total capital = Rs. 90,000 × 5
Total capital = Rs. 4,50,000
Total capital of all partners = Rs. 1,20,000 + Rs. 80,000 + Rs. 90,000 + Rs. 60,000 + Rs. 15,000
Total capital of all partners = Rs. 3,65,000
Total capital of the firm = Total capital - Total capital of all partners
Total capital of the firm = Rs. 4,50,000 - Rs. 3,65,000
Total capital of the firm = Rs. 85,000