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When a new partner brings his share of g...

When a new partner brings his share of goodwill in cash, the amount is debited to:

A

Goodwill A/c

B

Capital A/c of the new partner

C

Cash A/c

D

Capital A/cs of the old partners

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A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner C is admitted. A surrenders 1/5th of his share and B surrender 2/5th of his share in favour of C. For the purpose of C's admission, goodwill of the firm is valued at RS 75,000 and C bring his share of goodwill in cash which is retained in the firm's books. Journalise the above transactions.

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DK GOEL-ADMISSION OF A PARTNER -MCQ Treatment of Goodwill :
  1. A and B are partners sharing profits in the ratio of 3 : 2. They admit...

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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  18. X and Y are partners sharing profits in the ratio 5 : 3. They admitted...

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  19. Ramesh and Suresh are partners sharing profits in the ratio of 2 : 1 r...

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  20. A and B are partners in a firm having a capital of ₹ 54,000 and ₹ 36,0...

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