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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?
Verified Answer
X and Y are partners sharing profits in the ratio 5:3. They admitted Z...
Correct Answer :- c
Explanation : 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
Most Upvoted Answer
X and Y are partners sharing profits in the ratio 5:3. They admitted Z...
To find the capital balances for each partner, let's go step by step.
Given:
- X and Y are partners sharing profits in the ratio 5:3.
- Z is admitted for 1/5th share of profits.
- Z paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill.
Step 1: Calculate the total profit share of X and Y
The profit share of X and Y is in the ratio 5:3. Let's assume the total profit is P.
So, X's share = 5/8 * P
And Y's share = 3/8 * P
Step 2: Calculate Z's share of profit and total capital
Z is admitted for 1/5th share of the profits. So, Z's share = 1/5 * P.
Step 3: Calculate Z's capital
Z paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill.
Let's assume Z's capital is C.
So, C + 60,000 = 1,20,000
C = 1,20,000 - 60,000
C = Rs. 60,000
Step 4: Calculate the total capital of X and Y
Let's assume the total capital of X and Y is T.
T = X's capital + Y's capital
Step 5: Calculate X's capital
X's share of profit = 5/8 * P
X's capital = (X's share of profit / Z's share) * Z's capital
X's capital = (5/8 * P / 1/5 * P) * 60,000
Step 6: Calculate Y's capital
Y's share of profit = 3/8 * P
Y's capital = (Y's share of profit / Z's share) * Z's capital
Y's capital = (3/8 * P / 1/5 * P) * 60,000
Step 7: Substitute the values and find the capital balances
X's capital = (5/8 * P / 1/5 * P) * 60,000
X's capital = (5/8 * 1/1/5) * 60,000
X's capital = (5/8 * 5) * 60,000
X's capital = 3,00,000
Y's capital = (3/8 * P / 1/5 * P) * 60,000
Y's capital = (3/8 * 1/1/5) * 60,000
Y's capital = (3/8 * 5) * 60,000
Y's capital = 1,80,000
Therefore, the capital balances for each partner, taking Z's capital as the base capital, are:
X's capital = Rs. 3,00,000
Y's capital = Rs. 1,80,000
Z's capital = Rs. 1,20,000
Hence, the correct answer is option C: 3,00,000; 1,80,000 and 1,20,000.
Given:
- X and Y are partners sharing profits in the ratio 5:3.
- Z is admitted for 1/5th share of profits.
- Z paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill.
Step 1: Calculate the total profit share of X and Y
The profit share of X and Y is in the ratio 5:3. Let's assume the total profit is P.
So, X's share = 5/8 * P
And Y's share = 3/8 * P
Step 2: Calculate Z's share of profit and total capital
Z is admitted for 1/5th share of the profits. So, Z's share = 1/5 * P.
Step 3: Calculate Z's capital
Z paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill.
Let's assume Z's capital is C.
So, C + 60,000 = 1,20,000
C = 1,20,000 - 60,000
C = Rs. 60,000
Step 4: Calculate the total capital of X and Y
Let's assume the total capital of X and Y is T.
T = X's capital + Y's capital
Step 5: Calculate X's capital
X's share of profit = 5/8 * P
X's capital = (X's share of profit / Z's share) * Z's capital
X's capital = (5/8 * P / 1/5 * P) * 60,000
Step 6: Calculate Y's capital
Y's share of profit = 3/8 * P
Y's capital = (Y's share of profit / Z's share) * Z's capital
Y's capital = (3/8 * P / 1/5 * P) * 60,000
Step 7: Substitute the values and find the capital balances
X's capital = (5/8 * P / 1/5 * P) * 60,000
X's capital = (5/8 * 1/1/5) * 60,000
X's capital = (5/8 * 5) * 60,000
X's capital = 3,00,000
Y's capital = (3/8 * P / 1/5 * P) * 60,000
Y's capital = (3/8 * 1/1/5) * 60,000
Y's capital = (3/8 * 5) * 60,000
Y's capital = 1,80,000
Therefore, the capital balances for each partner, taking Z's capital as the base capital, are:
X's capital = Rs. 3,00,000
Y's capital = Rs. 1,80,000
Z's capital = Rs. 1,20,000
Hence, the correct answer is option C: 3,00,000; 1,80,000 and 1,20,000.
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X and Y are partners sharing profits in the ratio 5:3. They admitted Z...
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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? 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 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? covers all topics & solutions for CA Foundation 2025 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 1/5th 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?.
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? 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 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? covers all topics & solutions for CA Foundation 2025 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 1/5th 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?.
Solutions for 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? in English & in Hindi are available as part of our courses for CA Foundation.
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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 1/5th 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? 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 1/5th 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?, a detailed solution for 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? has been provided alongside types of 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? 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 1/5th 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? tests, examples and also practice CA Foundation tests.
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