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Analyse the case given below and answer the questions that follow: Alia, Karan and Shilpa were partners in a firm sharing profits in the ratio of 5 : 3 : 2. -

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Question

Analyse the case given below and answer the question that follow:

Alia, Karan and Shilpa were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Goodwill appeared in their books at the value of ₹ 60,000. Karan decided to retire from the firm. On the date of his retirement, goodwill of the firm was valued at ₹ 2,40,000. The new profit sharing ratio decided among Alia and Shilpa was 2 : 3. Give the answer to the question given below:

How much will be transferred to Karan's Capital Account of the existing goodwill?

Options

  • ₹ 18,000

  • ₹ 30,000

  • ₹ 12,000

  • ₹ 72,000

MCQ

Solution

₹ 18,000

Explanation:

The former profit sharing ratio will be used to transfer the existing goodwill.

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