CA Foundation Exam > CA Foundation Questions > Amir and Anil are partners of a partnership f...
Start Learning for Free
Amir and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capitals of 2,50,000 and 2,00,000 respectively.Atul was admitted on the following terms . Atul would pay 50,000 as capital and 16,000 as goodeill for 1/10th share of profit. find the balance of capital accounts after admission of Atul options are (a) 2,60,000 ;2,06,000 ;NIL (b) 2,20,000 ;1,82,000 ;66,000 (c)2,92,500 ;2,25,000 ;50,000 (d)3,82,500 ;2,19,500 ;66,000?
Most Upvoted Answer
Amir and Anil are partners of a partnership firm sharing profits in th...
Solution:
Given, Amir and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capitals of 2,50,000 and 2,00,000 respectively.
Step 1: Calculate the total capital of the firm before Atul's admission
Total capital = Amir's capital + Anil's capital
Total capital = 2,50,000 + 2,00,000 = 4,50,000
Step 2: Calculate the ratio of profit sharing after Atul's admission
Atul is admitted for a 1/10th share of profit. Hence, the remaining profit will be shared between Amir and Anil in the ratio of 5:3:1.
Step 3: Calculate Atul's share of profit
Atul's share of profit = Total profit * Atul's share
Atul's share of profit = Total profit * 1/10
Atul's share of profit = Total profit / 10
Step 4: Calculate Atul's total capital contribution
Atul's total capital contribution = Capital + Goodwill
Atul's total capital contribution = 50,000 + 16,000
Atul's total capital contribution = 66,000
Step 5: Calculate the new profit sharing ratio
The new profit sharing ratio will be 5:3:1:1 (Amir, Anil, Atul for capital and Atul for goodwill)
Step 6: Calculate the new capital contribution of Amir and Anil
Amir's new capital = Amir's old capital + Amir's share of profit
Amir's new capital = 2,50,000 + (5/10) * Total profit
Anil's new capital = Anil's old capital + Anil's share of profit
Anil's new capital = 2,00,000 + (3/10) * Total profit
Step 7: Calculate the total capital of the firm after Atul's admission
Total capital = Amir's new capital + Anil's new capital + Atul's total capital contribution
Total capital = (2,50,000 + (5/10) * Total profit) + (2,00,000 + (3/10) * Total profit) + 66,000
Total capital = 4,50,000 + (8/10) * Total profit + 66,000
Step 8: Equate the total capital before and after Atul's admission
4,50,000 = 4,50,000 + (8/10) * Total profit + 66,000
(8/10) * Total profit = 0
Total profit = 0
Since the total profit is zero, the new capital contribution of Amir and Anil will be the same as their old capital contribution.
Therefore, the balance of capital accounts after admission of Atul will be:
Amir's capital = 2,50,000
Anil's capital = 2,00,000
Atul's capital = 50,000
Total capital = 5,00,000
Option (c) 2,92,500 ;2,25,000 ;50,000 is incorrect as the total capital after Atul's admission is 5,00,000 and not 5,67,500.
H
Given, Amir and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capitals of 2,50,000 and 2,00,000 respectively.
Step 1: Calculate the total capital of the firm before Atul's admission
Total capital = Amir's capital + Anil's capital
Total capital = 2,50,000 + 2,00,000 = 4,50,000
Step 2: Calculate the ratio of profit sharing after Atul's admission
Atul is admitted for a 1/10th share of profit. Hence, the remaining profit will be shared between Amir and Anil in the ratio of 5:3:1.
Step 3: Calculate Atul's share of profit
Atul's share of profit = Total profit * Atul's share
Atul's share of profit = Total profit * 1/10
Atul's share of profit = Total profit / 10
Step 4: Calculate Atul's total capital contribution
Atul's total capital contribution = Capital + Goodwill
Atul's total capital contribution = 50,000 + 16,000
Atul's total capital contribution = 66,000
Step 5: Calculate the new profit sharing ratio
The new profit sharing ratio will be 5:3:1:1 (Amir, Anil, Atul for capital and Atul for goodwill)
Step 6: Calculate the new capital contribution of Amir and Anil
Amir's new capital = Amir's old capital + Amir's share of profit
Amir's new capital = 2,50,000 + (5/10) * Total profit
Anil's new capital = Anil's old capital + Anil's share of profit
Anil's new capital = 2,00,000 + (3/10) * Total profit
Step 7: Calculate the total capital of the firm after Atul's admission
Total capital = Amir's new capital + Anil's new capital + Atul's total capital contribution
Total capital = (2,50,000 + (5/10) * Total profit) + (2,00,000 + (3/10) * Total profit) + 66,000
Total capital = 4,50,000 + (8/10) * Total profit + 66,000
Step 8: Equate the total capital before and after Atul's admission
4,50,000 = 4,50,000 + (8/10) * Total profit + 66,000
(8/10) * Total profit = 0
Total profit = 0
Since the total profit is zero, the new capital contribution of Amir and Anil will be the same as their old capital contribution.
Therefore, the balance of capital accounts after admission of Atul will be:
Amir's capital = 2,50,000
Anil's capital = 2,00,000
Atul's capital = 50,000
Total capital = 5,00,000
Option (c) 2,92,500 ;2,25,000 ;50,000 is incorrect as the total capital after Atul's admission is 5,00,000 and not 5,67,500.
H
Community Answer
Amir and Anil are partners of a partnership firm sharing profits in th...
Yes ,options are absolutely correct and according to my scanner the answer is (a) although I have no idea how Atul capital became nil
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
Amir and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capitals of 2,50,000 and 2,00,000 respectively.Atul was admitted on the following terms . Atul would pay 50,000 as capital and 16,000 as goodeill for 1/10th share of profit. find the balance of capital accounts after admission of Atul options are (a) 2,60,000 ;2,06,000 ;NIL (b) 2,20,000 ;1,82,000 ;66,000 (c)2,92,500 ;2,25,000 ;50,000 (d)3,82,500 ;2,19,500 ;66,000?
Question Description
Amir and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capitals of 2,50,000 and 2,00,000 respectively.Atul was admitted on the following terms . Atul would pay 50,000 as capital and 16,000 as goodeill for 1/10th share of profit. find the balance of capital accounts after admission of Atul options are (a) 2,60,000 ;2,06,000 ;NIL (b) 2,20,000 ;1,82,000 ;66,000 (c)2,92,500 ;2,25,000 ;50,000 (d)3,82,500 ;2,19,500 ;66,000? 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 Amir and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capitals of 2,50,000 and 2,00,000 respectively.Atul was admitted on the following terms . Atul would pay 50,000 as capital and 16,000 as goodeill for 1/10th share of profit. find the balance of capital accounts after admission of Atul options are (a) 2,60,000 ;2,06,000 ;NIL (b) 2,20,000 ;1,82,000 ;66,000 (c)2,92,500 ;2,25,000 ;50,000 (d)3,82,500 ;2,19,500 ;66,000? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Amir and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capitals of 2,50,000 and 2,00,000 respectively.Atul was admitted on the following terms . Atul would pay 50,000 as capital and 16,000 as goodeill for 1/10th share of profit. find the balance of capital accounts after admission of Atul options are (a) 2,60,000 ;2,06,000 ;NIL (b) 2,20,000 ;1,82,000 ;66,000 (c)2,92,500 ;2,25,000 ;50,000 (d)3,82,500 ;2,19,500 ;66,000?.
Amir and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capitals of 2,50,000 and 2,00,000 respectively.Atul was admitted on the following terms . Atul would pay 50,000 as capital and 16,000 as goodeill for 1/10th share of profit. find the balance of capital accounts after admission of Atul options are (a) 2,60,000 ;2,06,000 ;NIL (b) 2,20,000 ;1,82,000 ;66,000 (c)2,92,500 ;2,25,000 ;50,000 (d)3,82,500 ;2,19,500 ;66,000? 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 Amir and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capitals of 2,50,000 and 2,00,000 respectively.Atul was admitted on the following terms . Atul would pay 50,000 as capital and 16,000 as goodeill for 1/10th share of profit. find the balance of capital accounts after admission of Atul options are (a) 2,60,000 ;2,06,000 ;NIL (b) 2,20,000 ;1,82,000 ;66,000 (c)2,92,500 ;2,25,000 ;50,000 (d)3,82,500 ;2,19,500 ;66,000? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Amir and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capitals of 2,50,000 and 2,00,000 respectively.Atul was admitted on the following terms . Atul would pay 50,000 as capital and 16,000 as goodeill for 1/10th share of profit. find the balance of capital accounts after admission of Atul options are (a) 2,60,000 ;2,06,000 ;NIL (b) 2,20,000 ;1,82,000 ;66,000 (c)2,92,500 ;2,25,000 ;50,000 (d)3,82,500 ;2,19,500 ;66,000?.
Solutions for Amir and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capitals of 2,50,000 and 2,00,000 respectively.Atul was admitted on the following terms . Atul would pay 50,000 as capital and 16,000 as goodeill for 1/10th share of profit. find the balance of capital accounts after admission of Atul options are (a) 2,60,000 ;2,06,000 ;NIL (b) 2,20,000 ;1,82,000 ;66,000 (c)2,92,500 ;2,25,000 ;50,000 (d)3,82,500 ;2,19,500 ;66,000? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of Amir and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capitals of 2,50,000 and 2,00,000 respectively.Atul was admitted on the following terms . Atul would pay 50,000 as capital and 16,000 as goodeill for 1/10th share of profit. find the balance of capital accounts after admission of Atul options are (a) 2,60,000 ;2,06,000 ;NIL (b) 2,20,000 ;1,82,000 ;66,000 (c)2,92,500 ;2,25,000 ;50,000 (d)3,82,500 ;2,19,500 ;66,000? defined & explained in the simplest way possible. Besides giving the explanation of
Amir and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capitals of 2,50,000 and 2,00,000 respectively.Atul was admitted on the following terms . Atul would pay 50,000 as capital and 16,000 as goodeill for 1/10th share of profit. find the balance of capital accounts after admission of Atul options are (a) 2,60,000 ;2,06,000 ;NIL (b) 2,20,000 ;1,82,000 ;66,000 (c)2,92,500 ;2,25,000 ;50,000 (d)3,82,500 ;2,19,500 ;66,000?, a detailed solution for Amir and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capitals of 2,50,000 and 2,00,000 respectively.Atul was admitted on the following terms . Atul would pay 50,000 as capital and 16,000 as goodeill for 1/10th share of profit. find the balance of capital accounts after admission of Atul options are (a) 2,60,000 ;2,06,000 ;NIL (b) 2,20,000 ;1,82,000 ;66,000 (c)2,92,500 ;2,25,000 ;50,000 (d)3,82,500 ;2,19,500 ;66,000? has been provided alongside types of Amir and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capitals of 2,50,000 and 2,00,000 respectively.Atul was admitted on the following terms . Atul would pay 50,000 as capital and 16,000 as goodeill for 1/10th share of profit. find the balance of capital accounts after admission of Atul options are (a) 2,60,000 ;2,06,000 ;NIL (b) 2,20,000 ;1,82,000 ;66,000 (c)2,92,500 ;2,25,000 ;50,000 (d)3,82,500 ;2,19,500 ;66,000? theory, EduRev gives you an
ample number of questions to practice Amir and Anil are partners of a partnership firm sharing profits in the ratio of 5:3 with capitals of 2,50,000 and 2,00,000 respectively.Atul was admitted on the following terms . Atul would pay 50,000 as capital and 16,000 as goodeill for 1/10th share of profit. find the balance of capital accounts after admission of Atul options are (a) 2,60,000 ;2,06,000 ;NIL (b) 2,20,000 ;1,82,000 ;66,000 (c)2,92,500 ;2,25,000 ;50,000 (d)3,82,500 ;2,19,500 ;66,000? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup