Sainath enterprises is a partnership business with Amar, Akbar and Anthony as partners engaged in the production and sales of home appliances. Their capital contributions were Rs 50,00,000, Rs 50,00,000 and Rs 80,00,000 respectively with the profit sharing ratio of 5:5:8. As they are now looking forward to expanding their business it was decided that they would bring in sufficient cash to double the respective capitals. This was duly followed by Amar and Akbar but due to unavoidable reasons Anthony could not do so and ultimately it was agreed that to bridge the shortfall in the required capital a new partner should be admitted who would bring in the amount that Anthony could not bring and that partner would get share of profits equal to half of Anthony’s shares which would be sacrificed by Anthony only. Consequent to this agreement, Mahesh was admitted and he bought in the required capital and Rs 30,00,000 as premium for goodwill. Based on the above information you are required to answer the following questions:1. What will be the new profit sharing ratio of Amar, Akbar, Anthony and Mahesh? (a) 1:1:1:1 (b) 5:5:8:8 (c) 5:5:4:4 (d) None of the above 2. What is the amount of capital brought in by the new partner, Mahesh? (a) Rs 50,00,000 (b) Rs 80,00,000 (c) Rs 40,00,000 (d) Rs 30,00,000 3. What is the value of goodwill of the firm? (a) Rs 1,35,00,000 (b) Rs 30,00,000 (c) Rs 1,50,00,000 (d) Rs 1,00,00,000 4. What will be the correct journal entry for the distribution of premium for goodwill brought in by Mahesh? (a) Mahesh capital a/c Dr 30,00,000 To Anthony’s capital a/c 30,00,000 (Being ………………..)(b) Premium for goodwill a/c Dr 30,00,000To Anthony’s capital a/c 30,00,000(Being ………………..)(c) Premium for goodwill a/c Dr 30,00,00030,00,000 To Amar’s capital a/c 10,00,000To Akbar’s capital a/c 10,00,000To Mahesh’s capital a/c 10,00,000(Being ……………………)(d) Premium for goodwill a/c DrTo Amar’s capitals a/c 8,33,333To Akbar’s capitals a/c 8,33,333To Mahesh’s capital a/c 13,33,333(Being……………..)