Varun and Naveen are partners sharing profits in the ratio of 4 : 1. Their capitals were Rs. 90,000 and Rs.
70,000 respectively. They admitted Pradeep for 1/3 share in the profits. Pradeep brought Rs. 1,00,000 as his
capital. Calculate the value of firm’s goodwill
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Answer:
Total value of goodwill as per C's share = Rs.30000 * (3/1) = Rs.90000
Old ratio (A and B) = 4 : 1
New ratio (A, B and C) = 1 : 1 : 1
(Gaining) / Sacrificing ratio = Old ratio - New ratio
A's sacrifice = (4/5) - (1/3) = 7/15
B's sacrifice = (1/5) - (1/3) = -2/15 (Gain)
Therefore, amount of goodwill credited to A's account in sacrificing ratio
= Rs. 90000 * (7/15) = Rs. 42000
Explanation:
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