Ramesh and Lakshay are partners in a firm sharing profits in the ratio of 3:2. Their capitals were Rs. 90,000 and Rs. 70,000 respectively. They admitted Somesh on April. 1, 2025 as a new partner for 1/5 share in the future profits. Somesh brought Rs. 90,000 as his capital. Calculate the value of goodwill of the firm and Somesh's share of goodwill.
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → Rs. 2,00,000 and Rs. 40,000 respectively
When the goodwill is not given, it is inferred from the new partner’s capital. His capital for his share tells us what the total capital of the new firm should be; goodwill is the amount by which that exceeds the capital actually in the firm.
Total capital of the new firm = Rs. 90,000 × 5/1 = Rs. 4,50,000
Actual capital = Rs. 90,000 + Rs. 70,000 + Rs. 90,000 = Rs. 2,50,000
Goodwill of the firm = Rs. 4,50,000 − Rs. 2,50,000 = Rs. 2,00,000
Somesh’s share of goodwill = Rs. 2,00,000 × 1/5 = Rs. 40,000
Somesh’s own Rs. 90,000 is counted in the actual capital as well; leaving it out is the usual slip in this sum.
Note: NTA picked this question from an NCERT (2026-27) illustration and changed the figures. Do not ignore NCERT while practising numericals.
NCERT (2026-27 edition):
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