Question

A ,B and C are partners sharing profits in the ratio 2:2:1. B retires from the firm .The capital account of A,B and C are Rs 60,000 Rs70,000 and Rs 50,000 respectively after adjustment of goodwill, reserves and revaluation . B was to paid in cash brought in by A and C in such a way that their capital are in proportion of new ratio . What amount must A and C bring to pay B : *​

Answer 1

On 1.1.20 X Ltd. purchased fixed assets worth 2,50,000 for a consideration of * 2,30,000 payable by the

issue of 20,000 fully paid equity shares of 10 each at a premium of 15%. After 6 months X Ltd. sold the

above fixed assets for * 3,20,000.