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Ans. J/E, N's Share of Goodwill 10,000) X and Y are partners sharing profits and losses in the proportion of 3/5 : 215. They agree toadmit Z into partnership who is to get 1/5th share in the business. Z brings in ? 1,00,000 for hiscapital and 7 40,000 for the 1/5th share of goodwill which he acquired 3/20th from X and 1/20thfrom Y. The profit for the first year of the new partnership amounted to 1,00,000.Make the necessary Journal entries in connection with Z's admission and apportion the profiamong the partners. .fans Profit X 345,000; Y 35,000; Z20,000]3/42A-15AO​

Answer»

✠ DESCRIBE TWO REASON FOR THE EMERGENCE OF NEW IDEAS LIKE BUDDHISM AND JAINISM ?The primary cause for the rise of Jainism and Buddhism was the religious unrest in India in the 6th century B.C. The complex rituals and sacrifices advocated in the Later Vedic period were not acceptable to the common people. The sacrificial ceremonies were also found to be too expensive. The superstitious beliefs and mantras confused the people. The teachings of Upanishads, an alternative to the system of sacrifices, were highly philosophical in nature and therefore not easily understood by all. Therefore, what was needed in the larger interests of the people was a simple, SHORT and intelligible way to salvation for all people. Such religious teaching should also be in a language known to them. This need was fulfilled by the teachings of Buddha and Mahavira.Other than the religious factor, social and economic factors also contributed to the rise of these two religions. The rigid caste system prevalent in India generated tensions in the society. Higher classes ENJOYED certain privileges which were denied to the lower classes. Also, the Kshatriyas had resented the domination of the PRIESTLY class. It should also to be noted that both Buddha and Mahavira BELONGED to Kshatriya origin. The growth of trade led to the IMPROVEMENT in the economic conditions of the Vaisyas. As a result, they wanted to enhance their social status but the orthodox Varna system did not allow this. Therefore, they began to extend support to Buddhism and Jainism. It was this merchant class that extended the chief support to these new religions.



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