Gaurav and Saurabh are partners in a firm having capital balance of Rs 90000 and Rs 60000 respectively. They admitted Mohit as a new partner for 2/7th share in the firm. What will be Mohits share of capital if he has to contribute capital in proportion to his profit sharing ratio?

Question

Answer

Given:
- Gaurav's capital balance: Rs 90000
- Saurabh's capital balance: Rs 60000
- Mohit's share in the firm: 2/7

To Find:
- Mohit's share of capital if he has to contribute capital in proportion to his profit sharing ratio

Explanation:
Step 1: Calculate Total Capital:
- Total capital in the firm is the sum of the capital balances of all partners.
- Total capital = Gaurav's capital + Saurabh's capital
- Total capital = Rs 90000 + Rs 60000
- Total capital = Rs 150000

Step 2: Calculate Mohit's Share of Capital:
- Mohit's share in the firm is given as 2/7.
- Mohit's share of capital = Mohit's share in the firm * Total capital
- Mohit's share of capital = (2/7) * Rs 150000

Step 3: Simplify the Expression:
- (2/7) * Rs 150000 can be simplified as follows:
- Divide the numerator by the denominator: 2 ÷ 7 = 0.2857
- Multiply the result by the Total capital: 0.2857 * Rs 150000 = Rs 42857.14

Step 4: Final Answer:
- Mohit's share of capital, if he has to contribute capital in proportion to his profit sharing ratio, is Rs 42857.14.

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A, B, C are partners in a firm profit ratio 3:2:1 &D is admitted as a new partner D acquire 1/4 of his share from C andA surrenders 3/10 of his share and B surrenders 1/10 of his share Calculate new profit sharing ratio?

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