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Amit and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capital of Rs. 2,50,000 & Rs. 2,00,000 respectively. Atul was admitted on the following terms: Atul would pay Rs. 50,000 as capital and Rs. 16,000 as Goodwill, for 1/5th share of profit. Find the balance of capital accounts after admission of Atul
  • a)
    2,60,000:2,06,000:50,000
  • b)
    2,20,000:1,82,000:66,000
  • c)
    2,92,500:2,25,500:50,000
  • d)
    2,82,500:2,19,500:66,000
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Amit and Anil are partners of a partnership firm sharing profits in th...
To calculate the amount of profit each partner receives, we need to determine the total profit made by the partnership firm.

Let's assume the total profit made by the firm is P.

According to the given information, Amit and Anil share the profits in the ratio of 5:3. This means that Amit's share of the profit is (5/8)P and Anil's share of the profit is (3/8)P.

Since the capital of the partnership firm is Rs. 2,50,000, we can calculate the capital contribution of each partner.

Amit's capital contribution = (5/8) * Rs. 2,50,000 = Rs. 1,56,250

Anil's capital contribution = (3/8) * Rs. 2,50,000 = Rs. 93,750

Now, we can calculate the profit received by each partner.

Amit's profit = (5/8)P = Rs. 1,56,250

Anil's profit = (3/8)P = Rs. 93,750
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Amit and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capital of Rs. 2,50,000 & Rs. 2,00,000 respectively. Atul was admitted on the following terms: Atul would pay Rs. 50,000 as capital and Rs. 16,000 as Goodwill, for 1/5th share of profit. Find the balance of capital accounts after admission of Atula)2,60,000:2,06,000:50,000b)2,20,000:1,82,000:66,000c)2,92,500:2,25,500:50,000d)2,82,500:2,19,500:66,000Correct answer is option 'A'. Can you explain this answer?
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Amit and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capital of Rs. 2,50,000 & Rs. 2,00,000 respectively. Atul was admitted on the following terms: Atul would pay Rs. 50,000 as capital and Rs. 16,000 as Goodwill, for 1/5th share of profit. Find the balance of capital accounts after admission of Atula)2,60,000:2,06,000:50,000b)2,20,000:1,82,000:66,000c)2,92,500:2,25,500:50,000d)2,82,500:2,19,500:66,000Correct answer is option 'A'. Can you explain this answer? 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 Rs. 2,50,000 & Rs. 2,00,000 respectively. Atul was admitted on the following terms: Atul would pay Rs. 50,000 as capital and Rs. 16,000 as Goodwill, for 1/5th share of profit. Find the balance of capital accounts after admission of Atula)2,60,000:2,06,000:50,000b)2,20,000:1,82,000:66,000c)2,92,500:2,25,500:50,000d)2,82,500:2,19,500:66,000Correct answer is option 'A'. Can you explain this answer? 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 Rs. 2,50,000 & Rs. 2,00,000 respectively. Atul was admitted on the following terms: Atul would pay Rs. 50,000 as capital and Rs. 16,000 as Goodwill, for 1/5th share of profit. Find the balance of capital accounts after admission of Atula)2,60,000:2,06,000:50,000b)2,20,000:1,82,000:66,000c)2,92,500:2,25,500:50,000d)2,82,500:2,19,500:66,000Correct answer is option 'A'. Can you explain this answer?.
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