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A and B are partners sharing profits and...

A and B are partners sharing profits and losses in the ratio of 2 : 1. They take C as a partner for 1/5th share. Goodwill Account appears in the book at RS.15,000. For the purpose of C's admission, goodwill of the firm is valued at RS.15,000. C is to pay proportionate amount as premium for goodwill which he pays to A and B privately. pass necessary entries.

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The correct Answer is:
Dr. A's Capital A/c by RS.10,000 and B's Capital A/c by RS.5,000; Cr. Goodwill A/c by RS.15,000.
No entry is recorded (passed) if goodwill is paid privately.
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TS GREWAL-Admission of a Partner-EXERCISE
  1. A and B are in partnership sharing profits and losses as 3 : 2. C is a...

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  2. P and Q are partners sharing profits in the ratio of 3 : 2. They admit...

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  3. A and B are partners sharing profits and losses in the ratio of 2 : 1....

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  4. A and B are partners sharing profits and losses in the ratio of 2 : 5....

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  5. A and B are partners in a firm sharing profits and losses in the rati...

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  6. B and C are in partnership sharing profits and losses as 3 : 1. They a...

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  7. M and J are partners in a firm sharing profits in the ratio of 3 : 2. ...

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  8. A and B are in partnership sharing profit and losses in the ratio of 5...

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  9. A and B are partners sharing profits and losses in the ratio of 7 : 5...

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  10. X and Y are partners sharing profits in the ratio of 3 : 1. Z is admit...

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  11. Anshul and Parul are partners sharing profits in the ratio of 3 : 2. T...

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  12. A and B are partners in a firm sharing profits and losses in the ratio...

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  13. Aun and Bhagwan were partners in a firm sharing profits in the ratio 3...

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  14. X and Y are partners in a firm sharing profits in the ratio of 3 : 2....

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  15. A and B are partners in a business sharing profits and losses in the r...

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  16. A and B were partners in a firm sahring profits and losses in the rati...

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  17. A and B are partners sharing profits in the ratio of 2 : 1. They admit...

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  18. A and B are partners sharing profits and losses in the ratio of 3 : 2....

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  19. On the admission of Rao, goodwill of Murty and Shah is valued at RS.30...

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  20. A and B are partners sharing profits in the ratio of 3 : 2. Their boo...

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