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X and Y are partners sharing profits in the ratio 5:3. They admitted Z for 1/5th share of profits, for which he paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill.Find the capital balances for each partner taking Z’s capital as base capital.
- a)3,00,000; 1,20,000 and 1,20,000.
- b)3,00,000; 1,20,000 and 1,80,000.
- c)3,00,000; 1,80,000 and 1,20,000.
- d)3,00,000; 1,80,000 and 1,80,000.
Correct answer is option 'C'. Can you explain this answer?
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X and Y are partners sharing profits in the ratio 5:3. They admitted Z...
New Profit sharing ratio = 1 - 1/5 = 4/5
A= 5/8 * 4/5 = 20/40 ; B= 3/8 * 4/5 = 12/40 ; C= 1/5 * 8/8 = 8/40
i.e. 5 ; 3 ; 2.
Capitals = 120000 * 5 = 600000
A - 600000 * 5/10 = 300000
B - 600000 * 3/10 = 180000
C - 600000 * 2/10 = 120000
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X and Y are partners sharing profits in the ratio 5:3. They admitted Z...
Let the total profit be P.
The ratio of X and Y's share of profits is 5:3, so X's share is (5/8)P and Y's share is (3/8)P.
Z is admitted for 1/5th of the profits, so Z's share is (1/5)P.
Z paid Rs. 1,20,000 against capital, so his capital share is Rs. 1,20,000.
Z also paid Rs. 60,000 against goodwill, so the total value of the goodwill is Rs. 60,000.
Let X's capital be Cx and Y's capital be Cy.
Cx + Cy + 1,20,000 + 60,000 = (5/8)P + (3/8)P + (1/5)P
Cx + Cy + 1,80,000 = (5/8 + 3/8 + 1/5)P
Cx + Cy + 1,80,000 = (13/40)P
Since Z's capital share is Rs. 1,20,000, we have:
1,20,000 = (1/5)P
P = 6,00,000
Substituting this value of P into the equation, we have:
Cx + Cy + 1,80,000 = (13/40)(6,00,000)
Cx + Cy + 1,80,000 = 1,95,000
Cx + Cy = 1,95,000 - 1,80,000
Cx + Cy = 15,000
We know that the ratio of X and Y's capital is 5:3, so let's assume X's capital is 5k and Y's capital is 3k.
Using this assumption, we have:
5k + 3k = 15,000
8k = 15,000
k = 15,000 / 8
k ≈ 1,875
So, X's capital is 5k = 5 * 1,875 = Rs. 9,375
And Y's capital is 3k = 3 * 1,875 = Rs. 5,625
Therefore, the capital balances for each partner taking Z into account are:
X: Rs. 9,375
Y: Rs. 5,625
Z: Rs. 1,20,000
The ratio of X and Y's share of profits is 5:3, so X's share is (5/8)P and Y's share is (3/8)P.
Z is admitted for 1/5th of the profits, so Z's share is (1/5)P.
Z paid Rs. 1,20,000 against capital, so his capital share is Rs. 1,20,000.
Z also paid Rs. 60,000 against goodwill, so the total value of the goodwill is Rs. 60,000.
Let X's capital be Cx and Y's capital be Cy.
Cx + Cy + 1,20,000 + 60,000 = (5/8)P + (3/8)P + (1/5)P
Cx + Cy + 1,80,000 = (5/8 + 3/8 + 1/5)P
Cx + Cy + 1,80,000 = (13/40)P
Since Z's capital share is Rs. 1,20,000, we have:
1,20,000 = (1/5)P
P = 6,00,000
Substituting this value of P into the equation, we have:
Cx + Cy + 1,80,000 = (13/40)(6,00,000)
Cx + Cy + 1,80,000 = 1,95,000
Cx + Cy = 1,95,000 - 1,80,000
Cx + Cy = 15,000
We know that the ratio of X and Y's capital is 5:3, so let's assume X's capital is 5k and Y's capital is 3k.
Using this assumption, we have:
5k + 3k = 15,000
8k = 15,000
k = 15,000 / 8
k ≈ 1,875
So, X's capital is 5k = 5 * 1,875 = Rs. 9,375
And Y's capital is 3k = 3 * 1,875 = Rs. 5,625
Therefore, the capital balances for each partner taking Z into account are:
X: Rs. 9,375
Y: Rs. 5,625
Z: Rs. 1,20,000
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X and Y are partners sharing profits in the ratio 5:3. They admitted Z for 1/5thshare of profits, for which he paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill.Find the capital balances for each partner taking Z’s capital as base capital.a)3,00,000; 1,20,000 and 1,20,000.b)3,00,000; 1,20,000 and 1,80,000.c)3,00,000; 1,80,000 and 1,20,000.d)3,00,000; 1,80,000 and 1,80,000.Correct answer is option 'C'. Can you explain this answer?
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X and Y are partners sharing profits in the ratio 5:3. They admitted Z for 1/5thshare of profits, for which he paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill.Find the capital balances for each partner taking Z’s capital as base capital.a)3,00,000; 1,20,000 and 1,20,000.b)3,00,000; 1,20,000 and 1,80,000.c)3,00,000; 1,80,000 and 1,20,000.d)3,00,000; 1,80,000 and 1,80,000.Correct answer is option 'C'. Can you explain this answer? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about X and Y are partners sharing profits in the ratio 5:3. They admitted Z for 1/5thshare of profits, for which he paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill.Find the capital balances for each partner taking Z’s capital as base capital.a)3,00,000; 1,20,000 and 1,20,000.b)3,00,000; 1,20,000 and 1,80,000.c)3,00,000; 1,80,000 and 1,20,000.d)3,00,000; 1,80,000 and 1,80,000.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X and Y are partners sharing profits in the ratio 5:3. They admitted Z for 1/5thshare of profits, for which he paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill.Find the capital balances for each partner taking Z’s capital as base capital.a)3,00,000; 1,20,000 and 1,20,000.b)3,00,000; 1,20,000 and 1,80,000.c)3,00,000; 1,80,000 and 1,20,000.d)3,00,000; 1,80,000 and 1,80,000.Correct answer is option 'C'. Can you explain this answer?.
X and Y are partners sharing profits in the ratio 5:3. They admitted Z for 1/5thshare of profits, for which he paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill.Find the capital balances for each partner taking Z’s capital as base capital.a)3,00,000; 1,20,000 and 1,20,000.b)3,00,000; 1,20,000 and 1,80,000.c)3,00,000; 1,80,000 and 1,20,000.d)3,00,000; 1,80,000 and 1,80,000.Correct answer is option 'C'. Can you explain this answer? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about X and Y are partners sharing profits in the ratio 5:3. They admitted Z for 1/5thshare of profits, for which he paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill.Find the capital balances for each partner taking Z’s capital as base capital.a)3,00,000; 1,20,000 and 1,20,000.b)3,00,000; 1,20,000 and 1,80,000.c)3,00,000; 1,80,000 and 1,20,000.d)3,00,000; 1,80,000 and 1,80,000.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X and Y are partners sharing profits in the ratio 5:3. They admitted Z for 1/5thshare of profits, for which he paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill.Find the capital balances for each partner taking Z’s capital as base capital.a)3,00,000; 1,20,000 and 1,20,000.b)3,00,000; 1,20,000 and 1,80,000.c)3,00,000; 1,80,000 and 1,20,000.d)3,00,000; 1,80,000 and 1,80,000.Correct answer is option 'C'. Can you explain this answer?.
Solutions for X and Y are partners sharing profits in the ratio 5:3. They admitted Z for 1/5thshare of profits, for which he paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill.Find the capital balances for each partner taking Z’s capital as base capital.a)3,00,000; 1,20,000 and 1,20,000.b)3,00,000; 1,20,000 and 1,80,000.c)3,00,000; 1,80,000 and 1,20,000.d)3,00,000; 1,80,000 and 1,80,000.Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Class 12.
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Here you can find the meaning of X and Y are partners sharing profits in the ratio 5:3. They admitted Z for 1/5thshare of profits, for which he paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill.Find the capital balances for each partner taking Z’s capital as base capital.a)3,00,000; 1,20,000 and 1,20,000.b)3,00,000; 1,20,000 and 1,80,000.c)3,00,000; 1,80,000 and 1,20,000.d)3,00,000; 1,80,000 and 1,80,000.Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
X and Y are partners sharing profits in the ratio 5:3. They admitted Z for 1/5thshare of profits, for which he paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill.Find the capital balances for each partner taking Z’s capital as base capital.a)3,00,000; 1,20,000 and 1,20,000.b)3,00,000; 1,20,000 and 1,80,000.c)3,00,000; 1,80,000 and 1,20,000.d)3,00,000; 1,80,000 and 1,80,000.Correct answer is option 'C'. Can you explain this answer?, a detailed solution for X and Y are partners sharing profits in the ratio 5:3. They admitted Z for 1/5thshare of profits, for which he paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill.Find the capital balances for each partner taking Z’s capital as base capital.a)3,00,000; 1,20,000 and 1,20,000.b)3,00,000; 1,20,000 and 1,80,000.c)3,00,000; 1,80,000 and 1,20,000.d)3,00,000; 1,80,000 and 1,80,000.Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of X and Y are partners sharing profits in the ratio 5:3. They admitted Z for 1/5thshare of profits, for which he paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill.Find the capital balances for each partner taking Z’s capital as base capital.a)3,00,000; 1,20,000 and 1,20,000.b)3,00,000; 1,20,000 and 1,80,000.c)3,00,000; 1,80,000 and 1,20,000.d)3,00,000; 1,80,000 and 1,80,000.Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice X and Y are partners sharing profits in the ratio 5:3. They admitted Z for 1/5thshare of profits, for which he paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill.Find the capital balances for each partner taking Z’s capital as base capital.a)3,00,000; 1,20,000 and 1,20,000.b)3,00,000; 1,20,000 and 1,80,000.c)3,00,000; 1,80,000 and 1,20,000.d)3,00,000; 1,80,000 and 1,80,000.Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice Class 12 tests.
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