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Amit and anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capital of rupees 250000 and 200000 respectively Atul was admitted in the following terms Atul would pay rupees 50000 is a capital and 16000 as Goodwill for 1:50 share of profit find the balance of capital accounts after admission of Atul Option a 260000, 206000, 50,000 option b 220000 ,182000 ,66000 Option c 292500, 225000, 50,000 option d 282500, 219500,66000?
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Amit and anil are partners of a partnership firm sharing profits in th...
Calculation of Atul's Share of Profit
- Atul is to receive a 1:50 share of profit
- The total profit is not given, so we cannot calculate Atul's share yet

Calculation of Atul's Capital and Goodwill
- Atul is contributing Rs. 50,000 as capital and Rs. 16,000 as goodwill
- Therefore, Atul's total contribution is Rs. 66,000

Adjustment of Amit and Anil's Capital Accounts
- Amit's capital account: Rs. 250,000 * 5/8 = Rs. 156,250
- Anil's capital account: Rs. 200,000 * 3/8 = Rs. 75,000
- Total capital before Atul's admission: Rs. 156,250 + Rs. 75,000 = Rs. 231,250
- Total capital after Atul's admission: Rs. 231,250 + Rs. 50,000 = Rs. 281,250

Calculation of Total Profit and Atul's Share
- Let the total profit be x
- Amit's share of profit: x * 5/8
- Anil's share of profit: x * 3/8
- Atul's share of profit: x * 1/50
- Total share of profit: x * (5/8 + 3/8 + 1/50) = x * 201/400
- Atul's share of profit: x * 1/50 = Rs. (66,000/281,250) * x
- Equating the two, we get: x = Rs. 33,750

Adjustment of Capital Accounts After Atul's Admission
- Amit's new capital: Rs. 156,250 + (5/8 * Rs. 33,750) = Rs. 179,688
- Anil's new capital: Rs. 75,000 + (3/8 * Rs. 33,750) = Rs. 87,656
- Atul's capital: Rs. 50,000
- Total capital: Rs. 179,688 + Rs. 87,656 + Rs. 50,000 = Rs. 317,344

Final Answer: Option D (Rs. 282,500, Rs. 219,500, Rs. 66,000)
Community Answer
Amit and anil are partners of a partnership firm sharing profits in th...
Correct option is A. This is because goodwill is divided in sacrificing ratio 5:3.That is 10000 for amit and 6000 for anil. so there capital balance increases
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Amit and anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capital of rupees 250000 and 200000 respectively Atul was admitted in the following terms Atul would pay rupees 50000 is a capital and 16000 as Goodwill for 1:50 share of profit find the balance of capital accounts after admission of Atul Option a 260000, 206000, 50,000 option b 220000 ,182000 ,66000 Option c 292500, 225000, 50,000 option d 282500, 219500,66000?
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Amit and anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capital of rupees 250000 and 200000 respectively Atul was admitted in the following terms Atul would pay rupees 50000 is a capital and 16000 as Goodwill for 1:50 share of profit find the balance of capital accounts after admission of Atul Option a 260000, 206000, 50,000 option b 220000 ,182000 ,66000 Option c 292500, 225000, 50,000 option d 282500, 219500,66000? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Amit and anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capital of rupees 250000 and 200000 respectively Atul was admitted in the following terms Atul would pay rupees 50000 is a capital and 16000 as Goodwill for 1:50 share of profit find the balance of capital accounts after admission of Atul Option a 260000, 206000, 50,000 option b 220000 ,182000 ,66000 Option c 292500, 225000, 50,000 option d 282500, 219500,66000? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Amit and anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capital of rupees 250000 and 200000 respectively Atul was admitted in the following terms Atul would pay rupees 50000 is a capital and 16000 as Goodwill for 1:50 share of profit find the balance of capital accounts after admission of Atul Option a 260000, 206000, 50,000 option b 220000 ,182000 ,66000 Option c 292500, 225000, 50,000 option d 282500, 219500,66000?.
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