New partner's capital net of goodwill premium Steps:

• Recognize total goodwill value as $20,000, with new ratio X:Y:Z = 2:1:1.
• Calculate Z's share of goodwill: 1/4 × $20,000 =$5,000 (premium paid by Z).
• Note Z brings $80,000 cash, covering capital plus premium.
• Z's capital balance = $80,000 -$5,000 = $75,000 (assets revaluation affects only old partners).

Why B is correct:

• Per partnership accounting rules, when goodwill is not retained, the new partner's cash contribution minus their share of goodwill premium credits their capital account directly.

Why the others are wrong:

• A: Subtracts revaluation gain ($48,000 / something) incorrectly from Z's contribution.
• C: Adds Z's goodwill share ($5,000) instead of subtracting the premium.
• D: Treats full $20,000 goodwill as added to Z's cash, ignoring premium adjustment.

Final answer: B