Question : X and Y are partners sharing profits and losses in the ratio of 3 : 2. They admit Z into partnership with 1/5th share in profits which he acquires equally from X and Y. Z brings in Rs.40,000 as goodwill in cash. Goodwill amount will be credited to -
Option 1: X: Rs.25,000; Y: Rs.15,000
Option 2: X: Rs.4,000; Y: Rs.4,000
Option 3: X: Rs.20,000; Y: Rs.20,000
Option 4: X: Rs.24,000; Y: Rs.16,000
Correct Answer: X: Rs.20,000; Y: Rs.20,000
Solution : The current elderly partners in a partnership firm lose their portion of the profits when a new partner is accepted. Old partners may have experienced a loss in the old profit-sharing ratio or in another ratio. Sacrifice is the difference between what one received in the past and what one receives now. The term "Sacrificing Ratio" refers to the ratio used to indicate the individual sacrifice of two or more partners.
Hence The sacrificing ratio of X and Y is 1 : 1 .
Amount of goodwill credited to X's Capital Account = 40000 * 1/2 = Rs.20000
Amount of goodwill credited to Y's Capital Account = 40000 * 1/2 = Rs.20000
Hence the correct answer is option 3.
Question : X and Y are partners sharing profit and losses in the ratio of 2: 1. They admit Z into partnership with 1/4th share in profits which he acquires equally from X and Y. Z brings in Rs. 1,65,000 as capital and Rs. 30,000 as goodwill in cash. Partners capital account will be
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Question :
X, Y and Z are partners in a firm sharing profits arid losses in the ratio of 1: 2: 3. Z retires and his Capital Account after making all adjustments of reserve and gain (profit) on revaluation exists at Rs. 3,60,000. X and Y agreed to pay him
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