Heena and Sudha share Profit & Loss equally. Their capitals were Rs.1,20,000 and Rs. 80,000 respectively. There was also a balance of Rs. 60,000 in General reserve and revaluation gain amounted to Rs. 15,000. They admit friend Teena with 1/5 share. Teena brings Rs.90,000 as capital. Calculate the amount of goodwill of the firm
Answers
Answer:
80,000 respectively. There was also a balance of Rs. 60,000 in General reserve and revaluation gain amounted to Rs. 15,000.
Total capital of the firm as per Ashish's capital= 90,000*5/1=4,50,000(-) Total capital by adding 2,90,000(1,20,000+80,000+90,000)
The correct answer is 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
Hence, the correct answer is 85000.
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