Question :
Asha, Naveen and Shalini were partners in a firm sharing profits in the ratio of 5:3:2. Goodwill appeared in their books at a value of Rs. 80,000 and General Reserve at Rs. 40,000. Naveen decided to retire from the firm. On the date of his retirement, goodwill of the firm was valued at Rs. 1,20,000.The amount payable to Naveen is .
Option 1: Rs 24,000
Option 2: Rs 48,000
Option 3: Rs 74,000
Option 4: None of the above
Correct Answer: None of the above
Solution : Answer = None of the above
Asha, Naveen, Shalini = 5:3:2
Naveen' Capital A/c
To Goodwill A/c
(80000 x 3/10)
By General Reserve A/c
(40,000 x 3/10)
Total Goodwill = 1,20,000
Naveen's Share = 1,20,000 x 3/10 = 36000
G. Ratio = (5:2) Hence, the correct option is 4.
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