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Amit and Anil are partners sharing profits in the ratio of 5:3 with capital of Rs. 2,50,000 and Rs. 2,00,000. Atul was admitted and would pay Rs. 50,000 as capital and Rs. 16,000 as goodwill for 1/5th profit. Find the balance of capital account 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 sharing profits in the ratio of 5:3 with ca...
Given:
- Amit and Anil are partners sharing profits in the ratio of 5:3 with capital of Rs. 2,50,000 and Rs. 2,00,000.
- Atul was admitted and would pay Rs. 50,000 as capital and Rs. 16,000 as goodwill for 1/5th profit.

To find: The balance of capital account after admission of Atul.

Solution:
1. Calculation of new profit sharing ratio:
- Amit and Anil's total capital = Rs. 2,50,000 + Rs. 2,00,000 = Rs. 4,50,000
- Atul's capital = Rs. 50,000
- Total capital after admission = Rs. 5,00,000
- Atul has been given 1/5th profit, which means he will get 1/6th share in the total profit (since there are now 3 partners).
- So, Atul's profit sharing ratio = 1/6 or 5:25
- Amit and Anil's profit sharing ratio = 5:3 or 25:15
- New profit sharing ratio = 25:15:5 or 5:3:1

2. Calculation of new capital:
- Amit's share in the total capital = 25/44 * Rs. 5,00,000 = Rs. 2,84,090.91
- Anil's share in the total capital = 15/44 * Rs. 5,00,000 = Rs. 1,65,909.09
- Atul's share in the total capital = Rs. 50,000
- Total capital after admission = Rs. 5,00,000
- So, the balance of capital account after admission of Atul is:
Amit: Rs. 2,84,090.91
Anil: Rs. 1,65,909.09
Atul: Rs. 50,000

Therefore, the correct answer is option 'A' - 2,60,000 : 2,06,000 : 50,000.
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Amit and Anil are partners sharing profits in the ratio of 5:3 with ca...
By bal b/d amit250000. anil 200000. ... by cash. atul.50000 by g.will. amit10000. anil 6000 total:Amit .260000anil. 206000. atul.50000 to profit's transfer to Amit's capital 260000,anils capital206000,atuls capital 50000working note:16000×5÷8=10000=goodwill for Amit 16000×3÷8=6000=goodwill for anil.
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Amit and Anil are partners sharing profits in the ratio of 5:3 with capital of Rs. 2,50,000 and Rs. 2,00,000. Atul was admitted and would pay Rs. 50,000 as capital and Rs. 16,000 as goodwill for 1/5th profit. Find the balance of capital account after admission of Atul:a)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 2025 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 sharing profits in the ratio of 5:3 with capital of Rs. 2,50,000 and Rs. 2,00,000. Atul was admitted and would pay Rs. 50,000 as capital and Rs. 16,000 as goodwill for 1/5th profit. Find the balance of capital account after admission of Atul:a)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 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Amit and Anil are partners sharing profits in the ratio of 5:3 with capital of Rs. 2,50,000 and Rs. 2,00,000. Atul was admitted and would pay Rs. 50,000 as capital and Rs. 16,000 as goodwill for 1/5th profit. Find the balance of capital account after admission of Atul:a)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?.
Solutions for Amit and Anil are partners sharing profits in the ratio of 5:3 with capital of Rs. 2,50,000 and Rs. 2,00,000. Atul was admitted and would pay Rs. 50,000 as capital and Rs. 16,000 as goodwill for 1/5th profit. Find the balance of capital account after admission of Atul:a)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? 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 Amit and Anil are partners sharing profits in the ratio of 5:3 with capital of Rs. 2,50,000 and Rs. 2,00,000. Atul was admitted and would pay Rs. 50,000 as capital and Rs. 16,000 as goodwill for 1/5th profit. Find the balance of capital account after admission of Atul:a)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? defined & explained in the simplest way possible. Besides giving the explanation of Amit and Anil are partners sharing profits in the ratio of 5:3 with capital of Rs. 2,50,000 and Rs. 2,00,000. Atul was admitted and would pay Rs. 50,000 as capital and Rs. 16,000 as goodwill for 1/5th profit. Find the balance of capital account after admission of Atul:a)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?, a detailed solution for Amit and Anil are partners sharing profits in the ratio of 5:3 with capital of Rs. 2,50,000 and Rs. 2,00,000. Atul was admitted and would pay Rs. 50,000 as capital and Rs. 16,000 as goodwill for 1/5th profit. Find the balance of capital account after admission of Atul:a)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? has been provided alongside types of Amit and Anil are partners sharing profits in the ratio of 5:3 with capital of Rs. 2,50,000 and Rs. 2,00,000. Atul was admitted and would pay Rs. 50,000 as capital and Rs. 16,000 as goodwill for 1/5th profit. Find the balance of capital account after admission of Atul:a)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? theory, EduRev gives you an ample number of questions to practice Amit and Anil are partners sharing profits in the ratio of 5:3 with capital of Rs. 2,50,000 and Rs. 2,00,000. Atul was admitted and would pay Rs. 50,000 as capital and Rs. 16,000 as goodwill for 1/5th profit. Find the balance of capital account after admission of Atul:a)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? tests, examples and also practice CA Foundation tests.
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