Question

Gaurav and saurabh are partners in a firm having capital balance of 90000 and 60000 respectively. They admitted mohit as a new partner for 2/7th share in the firm. What will be mohits share of capital if he has to contribute capital in proportion to his profit sharing ratio

Answer 1

Answer is Mohit's Share Capital is Rs.60000

After adding Mohit for 2/7th share in firm, there Profit-Sharing ratio is 3:2:2

It means all Share capital divided in 7 Parts, in which every part is of Rs.30000

Gaurav’s Share Capital is Rs.90000 which is 3 Parts of share

Saurabh’s Share Capital is Rs. 60000 which is 2 Parts of share

Mohit’s Share Capital is Rs. 60000 which is 2 Parts of share