Question : Bakul and Gokul were partners in a firm sharing profits and losses in the ratio of 2: 1 with capitals of Rs. 40,000 and Rs. 30,000 respectively. They decided to admit Nakul into partnership on conditions that he would bring in Rs.20,000 as his capital and Rs.6,000 for his share of goodwill for 1/4th share of profits. Half of the amount of goodwill was withdrawn by the existing partners. The capital of the partners in the New firm were to be arranged in profit sharing ratio on the basis of Nakul's Capital and excess or deficit capital to be adjusted in cash.
Option 1: Bakul withdrew Rs 2,000 and Gokul withdrew Rs 11,000
Option 2: Bakul bring Rs 2,000 and Gokul Bring Rs 11,000
Option 3: Bakul withdrew Rs 2,000 and Gokul brings Rs 11,000
Option 4: None of the above
Correct Answer: Bakul withdrew Rs 2,000 and Gokul withdrew Rs 11,000
Solution : Answer = Baku withdrew Rs 2000 and Gokul withdrew Rs 11,000
| Bakul | Gokul | Nakul | Bakul | Gokul | Nakul | ||
| Bank | 2000 | 1000 | - | By Bal. B/D | 40000 | 30,000 | - |
| By Bank | - | - |
20,000 |
||||
| To Bal. C/D | 42000 | 31000 | 20,000 | By Premium for Goodwill | 4000 | 2000 | - |
| 44000 | 32000 | 20000 | 44000 | 32000 | 20,000 | ||
| By Bal C/D | 42000 | 31000 | 20,000 | ||||
| To Cash | 12000 | 11000 | |||||
| To Bal C/D | 40,000 | 20,000 | 20,000 | ||||
| 42000 | 31000 | 20000 | 42000 | 31000 | 20000 |
Let the total Capital of the new Firm be = 1
Nakul's share = 1/4
1/4 = 20,000
1 = 20,000 x4 = 80,000
Bakul = 2/3 x 3/4 = 2/4 x 80,000 = 40,000
Gokul = 1/3 x 3/4 = 1/4 x 80,000 = 20,000
Nakul = 1/4 x 80,000 = 20,000
Hence, the correct option is 1.
