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X and Y are partners in a firm sharing p...

X and Y are partners in a firm sharing profits in the ratio of 5 : 3. They admitted Z as a new partner. The new profit sharing ratio will be 4 : 3 : 2. The firm's goodwill on Z's admission was valued at Rs.1,26,000. But Z could not bring any amount of goodwill in Cash. Credit will be given to :

A

X Rs.17,500, Y Rs.10,500

B

X Rs.16,000, Y Rs.12,000

C

X Rs.22,750, Y Rs.5,250

D

X Rs.1,02,375, Y Rs.23,625

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The correct Answer is:
C
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DK GOEL-ADMISSION OF A PARTNER -MCQ Treatment of Goodwill :
  1. A and B are partners sharing profits and losses in 3 : 2. They admit C...

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  2. A and B are partners sharing profits in the ratio of 7 : 5. C is admit...

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  3. X and Y are partners in a firm sharing profits in the ratio of 5 : 3. ...

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  4. A and B are partners sharing profits in the ratio of 3 : 2. They admit...

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  5. P, Q and R share profits in the ratio of 5 : 3 : 2. S is entitled for ...

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  6. When a new partner brings his share of goodwill in cash, the amount is...

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  7. When a new partner does not not bring his share of goodwill in cash, t...

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  8. If, at the time of admission, some profit and loss account balance app...

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  9. If at the time of admission, there is some unrecorded liability, it wi...

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  10. If the new partner brings his share of goodwill in cash, it will be sh...

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  11. A and B share profits and losses equally. They have Rs.20,000 each as ...

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  12. In the absence of an express agreement as to who will contribute to ne...

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  13. When a new partner brings goodwill in Cash, it is credited to :

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  14. If the incoming partner brings the amount of goodwill in Cash and also...

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  15. If, at the time of admission, the revaluation A/c shows a profit, it s...

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  16. Revaluation Account or Profit and Loss Adjustment A/c is a

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  17. In case of admission of a partner, the entry for unrecorded investment...

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  18. When the balance sheet is prepared after the new partnership agreement...

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  19. Goodwill of a firm of A and B is valued at Rs. 30,000. Goodwill is app...

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  20. A and B are partners of a partnership firm sharing profits in the rati...

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