CPT - Partnership Admission (ICAI Study Material)
This query is : Resolved
16 November 2008
Amit & Anil are partners of a partnership firm Sharing profits in the ratio 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) 2,30,000:1,88,000:50,000
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
Answer - a) as per ICAI Study Material.
Please explain how the old partners capital can be decreased on admission, if the answer given is correct.
a) 2,30,000:1,88,000:50,000
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
Answer - a) as per ICAI Study Material.
Please explain how the old partners capital can be decreased on admission, if the answer given is correct.
16 January 2009
Both partners are sacrificing their share. i.e. they shared in 60:40. Now they will sacrifice equally. i.e. 20% of new partner will come from 10% each.
Thus they will share 50:30:20.
Hence their capital will decrease proportionatley.
ICAI answer is right.
Thus they will share 50:30:20.
Hence their capital will decrease proportionatley.
ICAI answer is right.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Disallowance of Section 43B(h) to sez units
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Confusion around Form 26QB fields
- GST Regis.
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Tds on building rent monthly
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
