Multiple choice

Kalki and Kumud were partners sharing profit and loss in the ratio 5 : 3. On 1st April, 2021 they admitted Kaushtubh as a new partner and new ratio was decided as 3 : 2 : 1. Goodwill of the firm was valued as Rs. 3,60,000. Kaushtubh could not bring any amount for goodwill. What will be the amount of goodwill share to be credited to Kalki and Kumud's account?

  1. Rs. 37,500 and Rs. 22,500, respectively

  2. Rs. 30,000 and Rs. 30,000, respectively

  3. Rs. 36,000 and Rs. 24,000, respectively

  4. Rs. 45,000 and Rs. 15,000, respectively
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Goodwill = 3,60,000. Sacrifice ratio: Kalki (5/8 - 3/6) = (15-12)/24 = 3/24. Kumud (3/8 - 2/6) = (9-8)/24 = 1/24. Sacrifice ratio = 3:1. Kaushtubh's share is 1/6 of 3,60,000 = 60,000. Kalki gets 3/4 of 60,000 = 45,000. Kumud gets 1/4 of 60,000 = 15,000.

AI explanation

The new partner Kaushtubh acquires a 1/6 share in the firm, and his inability to bring goodwill means this 1/6 share of the Rs 3,60,000 goodwill, which equals Rs 60,000, must be covered by the old partners. The old partners sacrifice their share in their old profit and loss ratio of 5 : 3. Therefore, Kalki's account is credited with 5/8 of 60000, which is Rs 45,000, and Kumud's account is credited with 3/8 of 60000, which is Rs 15,000.

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