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Q95.A and B are partners in a firm sharing profits in the ratio of 3 : 2. They decide to admit C as a new partner w.e.f. 1st April, 2019. In future, profits will be shared equally. The Balance Sheet of A and B as at 1st April, 2019 and the terms of admission are:
BALANCE SHEET OF A AND B
Amount ( )
Cash in Bank
Furniture and Fittings
Plant and Machinery
future by the firm 90,000 per year. The normal rate of return on capital in similar business is 10%. (c) The partners agreed to help maintain the plants and keep the area clean.
Calculate goodwill and prepare Partners' Capital Accounts and Bank Account.
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