Question

x And y are partners they have provided following information on the admission of new partner z total assets 10,00,000 (including goodwill 50,000) outside liabilities 3,50,000 capital employed of the firm​

Answer 1

Answer:

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Answer 2

Answer:

Capital employed by the firm is 650000 i.e. 1000000 less 350000

Explanation:

In the given question

• x And y are partners
• New partner z total assets 10,00,000 (including goodwill 50,000) outside liabilities 3,50,000
• capital employed of the firm​ =(1000000-350000) i.e. 650000

As per accounting equation capital employed = Assets-current liabilities -secured loan.