Rahul and Modi are two partners into a firm sharing profits equally . On 1st January , 2020, they decided to admit Vikas as a new partner into the firm for 1/5th share. Vikas brings Rs 10,00,000 for his share to capital and premium of goodwill in cash . Half goodwill is withdrew by the old partne₹ Goodwill of the firm is valued on the basis of one year purchase of profits or losses of preceding last 3 yea₹ Profits of last four years are Rs 6,00,000 in 2016; Rs 7,00,000 in 2017; Rs 8,00,000 in 2018 and Rs 15,00,000 in 2019.1. What was the value of goodwill of the firm? (a) Rs 7,00,000 (b) Rs 8,00,000 (c) Rs 9,00,000 (d) Rs 10,00,000 2. What was the amount of capital brought in by Vikas? (a) Rs 2,00,000 (b) Rs 8,00,000 (c) Rs 10,00,000 (d) Can’t be determined 3. What was the goodwill share given to Modi? (a) Rs 1,00,000 (b) Rs 2,00,000 (c) Rs 4,00,000 (d) Can’t be determined 4. Which account is debited when the goodwill is withdrawn by partners? (a) goodwill a/c (b) premium for goodwill a/c (c) partner’s capital a/c (d) cash/bank a/c