Assertion (A): Partnership is the relation between persons who have agreed to share the profits of the business carried on by all or any of them acting for all.

Reason (R): If a partner carries on any business of the same nature and competing with that of the firm, he/she shall account for and pay to the firm all profit made by him/her in that business.

Amit and Sumit were partners in a firm with fixed capitals of ₹ 6,00,000 and ₹ 4,00,000 respectively. Kavi was admitted as a new partner for 1/5th share in the profit of the firm. Kavi brought₹40,000 as his share of goodwill premium and 3,00,000 as his capital. The amount of Goodwill premium credited to Sumit will be

Gopal, Krishna and Govind were partners sharing profits and losses in the ratio of 5:4:3 Krishna retired on 1st April, 2022. Gopal and Govind purchased his share of profit by giving him 1,20,000.₹80,000 was paid by Gopal and 40,000 by Govind. Gaining ratio is

Gurpreet, Vishal and Ananya are partners in a firm sharing profits in the ratio of 2:3:1 Vishal retires and balance in his Capital Account after making necessary adjustments on account of reserves, revaluation of assets and reassessment of liabilities is 1,20,000. Gurpreet and Ananya agreed to pay him 1,80,000 in full settlement of his claim.

Vishali's share of goodwill of the firm on his retirement is