A&B are partners in the ratio of 3:2. They joined C as a new partner new profit sharing ratio is 7:3:3.
Liabilities: A-40,000, B-2000, General Res-15,000, Creditors-10,000
Assets: Freehold Premises-24,000, Plant-4,000, Stock-33,000, Debtors-12,000, Bank-7,000, P&L-5,000
Goodwill was valued 20,800. C was to bring required premium and Proportionate capital. Capital of A,B as between themselves were also to be adjusted in their profit sharing ratio. Find out new partners capital and premium of goodwill in the new firm.
Please give me answer to the above problem with brief calculation. Revaluation a/c is compulsory or not how to cal. new partner capital. hari.vemula83 @ hotmail.com
CAclubindia
