Mazin are Mazid partners sharing profits and losses in the ratio of 2: 2. Muhammed is admitted as a new partner for 1 / 5th share. Muhammed brings OMR 8,000 as his capital and brings only 60% of his share of Goodwill in cash Total Goodwill of the firm is OMR 60,000. Calculate goodwill when Mazin and Mazid withdraw 50% of the amount brought in by Muhammed as his share of goodwill in cash. a. OMR 12,000 b. OMR 3,600 c OMR 7,200 d None of the options are correct
Mazin are Mazid partners sharing profits and losses in the ratio of 2: 2. Muhammed is admitted as a new partner for 1 / 5th share. Muhammed brings OMR 8,000 as his capital and brings only 60% of his share of Goodwill in cash Total Goodwill of the firm is OMR 60,000. Calculate goodwill when Mazin and Mazid withdraw 50% of the amount brought in by Muhammed as his share of goodwill in cash. a. OMR 12,000 b. OMR 3,600 c OMR 7,200 d None of the options are correct
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mazin are Mazid partners sharing profits and losses in the ratio of 2: 2. Muhammed is admitted as a new partner for 1 / 5th share. Muhammed brings OMR 8,000 as his capital and brings only 60% of his share of Goodwill in cash Total Goodwill of the firm is OMR 60,000. Calculate goodwill when Mazin and Mazid withdraw 50% of the amount brought in by Muhammed as his share of goodwill in cash.
a. OMR 12,000
b. OMR 3,600
c OMR 7,200
d None of the options are correct
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