Amar & Akbar were partners in a firm sharing P & L in ratio 3 : 2. Their Balance Sheet as at March 31, 2023 was as under:
|
Liabilities |
Amount (₹) |
Assets |
Amount (₹) |
|
Creditor |
50,000 |
Land & Building |
2,50,000 |
|
Bank Loan |
2,00,000 |
Plant & Machinery |
1,80,000 |
|
Amar Capital |
2,80,000 |
Goodwill |
1,00,000 |
|
Akbar Capital |
1,20,000 |
Stock |
60,000 |
|
|
|
Debtor |
40,000 |
|
|
|
Bank |
20,000 |
|
|
6,50,000 |
|
6,50,000 |
They admitted Anthony as a new partner for 1/5 share which he acquired equally from Amar and Akbar.
Based on above information, answer questions.
Anthony brought capital of ₹2,00,000. Capital of old partners would be made proportionate on the basis of Anthony Capital. Capital Balance of Amar & Akbar will be:
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) - ₹5,00,000 and ₹3,00,000 respectively.
Anthony capital for 1/5th share = ₹2,00,000.
On basis of Anthony's capital total capital of the firm = 2,00,000 x 5
= ₹10,00,000
This will be shared by old partners in new ratio.
New ratio = 5:3:2
Amar's capital = 10,00,000 x 5/10
= ₹5,00,000
Akbar's capital = 10,00,000 x 3/10
= ₹3,00,000