Multiple Choice Questions on X and Y are partners in a company with a capital of Rs 1 80 000 and Rs 2 00 000 Z was admitted ........... for UPSC EPFO Exam Preparation

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Multiple Choice Questions

X and Y are partners in a company with a capital of Rs 1 80 000 and Rs 2 00 000 Z was admitted ...........

General Accounting Principles Partnership
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    X and Y are partners in a company with a capital of Rs.1,80,000 and  Rs.2,00,000. Z was admitted for 1/3rd share in profits and brings  Rs.3,40,000 as capital. Calculate the amount of goodwill.

     Rs.2,40,000

    Incorrect Answer

     Rs. 1,00,000

    Incorrect Answer

     Rs. 1,50,000

    Incorrect Answer

     Rs.3,00,000

    Correct Answer
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    Explanation:

    calculation of goodwill

    z's capital for 1/3rd share =  Rs. 3,40,000

    total capital of the new firm=  Rs. 3,40,000 * 3 =  Rs. 10,20,000

    A , B, and  C 's capitals =  Rs.1,80,000 + Rs.2,00,000 + Rs. 3,40,000

                                              =  Rs. 7,20,000

     Goodwill of the firm = Rs.10,20,000 - Rs.7,20,000

                                        =  Rs. 3,00,000

    By: SWAPNIL AGGARWAL
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