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Puneet and Deepak were in partnership sharing profits and losses in the ratio of 2 : 1. They admitted Manya as a new partner. Manya brought ₹ 1,00,000 as her share of goodwill premium, which was entirely credited to Puneet’s capital account. On the date of admission, goodwill of the firm was valued at ₹ 3,00,000. Calculate the new profit sharing ratio of Puneet, Deepak and Manya

Question

Puneet and Deepak were in partnership sharing profits and losses in the ratio of 2 : 1. They admitted Manya as a new partner. Manya brought ₹ 1,00,000 as her share of goodwill premium, which was entirely credited to Puneet’s capital account. On the date of admission, goodwill of the firm was valued at ₹ 3,00,000. Calculate the new profit sharing ratio of Puneet, Deepak and Manya

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Solution

The problem involves the calculation of the new profit sharing ratio after the admission of a new partner. Here are the steps to solve this problem:

Step 1: Calculate the total goodwill of the firm. The total goodwill of the firm is given as ₹ 3,00,000.

Step 2: Calculate the share of goodwill for each old partner. The old partners Puneet and Deepak were sharing profits and losses in the ratio of 2 : 1. Therefore, the share of goodwill for Puneet is 2/3 of total goodwill and for Deepak is 1/3 of total goodwill.

Step 3: Calculate the capital account of each partner after the admission of the new partner. Manya brought ₹ 1,00,000 as her share of goodwill premium, which was entirely credited to Puneet’s capital account. Therefore, the capital account of Puneet increases by ₹ 1,00,000.

Step 4: Calculate the new profit sharing ratio. The new profit sharing ratio is calculated based on the capital account of each partner. Since Manya's capital account is not given, we can assume that the new profit sharing ratio is the same as the old ratio for Puneet and Deepak, and Manya gets the remaining share.

So, the new profit sharing ratio of Puneet, Deepak and Manya would be 2 : 1 : remaining share.

This problem has been solved

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