Question : Heena and Neena share profits & losses in the ratio of 3:2 . Their capitals were Rs.60,000 and Rs. 40,000 respectively. There was also a Balance of Rs. 30,000 in General reserve and the revaluation gain amounted to Rs. 15,000. They admit friend Ashish with 1/5 share. Ashish brings Rs. 55,000 as capital Calculate the amount of goodwill of the firm.
Option 1: Rs. 1,00,000
Option 2: Rs. 75,000
Option 3: Rs. 85,000
Option 4: Rs 40,000
Correct Answer: Rs. 75,000
Solution : Answer = Rs 75,000
Calculation of hidden goodwill
Let the total capital of the new firm be 1
Ashish share 1/5
The total capital of the new firm will be 55,000X5=275000
Total capital of partners Heena, Neena and Ashish 60,000+40,000+30,000+15,000+55,000= Rs 2,00,000
Goodwill = Rs 2,75,000-2,00,000
Rs 75,000
Hence, the correct option is 2.
