| X and Y are partners. They have provided following information on the admission of a new partner Z. |
| Balance of capital account : Partner A = 50,000 and Partner B = 30,000 |
| Current account balance of partners : Partner A = 20,000 and Partner B = 10,000 |
| Reserves & Surplus = 40,000 |
| Goodwill (Given in Balance sheet) = 10,000 and Advertisement expense = 20,000 |
| Capital employed of the firm: |
A) 1, 50,000
B) 1,20,000
C) 1,40,000
D) 1,30,000
Correct Answer: B
Solution :
1,20,000
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