CA CPT Dec 2016 Question Paper Fundamentals of Accounting for online practice

A,B, and C are partners in a firm, sharing profits & losses in the ratio of 5:3:2 repectively. Thebalance of capital is ₹50,000 each for A & B and ₹40,000 for ‘C’ ‘B’decides to retire from thefirm. The goodwill of the firm is valued at ₹30,000 and profit on revaluation of assets andliabilities was ₹ 5,000. The firm also has a balance in the reserve A/c at ₹15,000 on thatdate. What amount will be payable to ‘B’?