Mahesh and Ramesh share profits and losses in the ratio of 2:1. They admit Rahul as a new partner with 1/4 share in profits with a guarantee that his share of profit shall be at least Rs. 25,000. The net profit of the firm for the year ending March 31, 2025 was Rs. 80,000. What amount will be borne by Mahesh for the deficiency of Rahul's guaranteed profit?

"Sometimes a partner is admitted into the firm with a guarantee of a certain minimum amount by way of their share in the profits of the firm." Identify which of the following is incorrect about such assurance.

What journal entry will be passed for goodwill appearing in the books ?

Rajinder and Surinder are partners in a firm sharing profits in the ratio of 4:1. On April 15, 2017, they admitted Narender as a new partner. On that date, there was a balance of Rs. 20,000 in general reserve and a debit balance of Rs. 10,000 in the profit and loss account of the firm. Which among the following statements is correct for transferring profit and loss account?

Rohit and Mohit are partners in a firm sharing profits in the ratio 5:3. They admitted Bijoy as a new partner for 1/7 share in the profit. The new profit sharing ratio will be 4:2:1. Calculate the sacrificing ratio of Rohit and Mohit

X, Y and Z are partners in a firm. If M is admitted as a new partner, what would be its implication?

If the partners decide to withdraw the amount of premium for goodwill credited to their capital account, the following entry will be passed: