Partnership

Admission

Medium

P, Q & R were partners sharing profit in the ratio 4:3:3. W was admitted to the partnership, bringing 1,00,000 capital and Rs. 24,000 as his share of Goodwill. Choose the correct entry for retaining of Goodwill brought in by W. W's share in profit was $\frac{1}{4}$ th

Goodwill A/c Dr 24000

To W's capital A/c 24000

W's capital A/c Dr 24000

To premium for Goodwill A/c 24000

Premium for Goodwill A/c Dr 24000

To P's capital A/c 9600

To Q's Capital A/c 7200

To R's Capital A/c 7200

Premium for Goodwill A/c Dr 24000

To P's Capital A/c 8000

To Q's Capital A/c 8000

To R's Capital A/c 8000

✅ Correct Option: 3

Since no new ratio is stated, sacrificing ratio equals old ratio 4:3:3. Goodwill premium Rs. 24,000 is distributed accordingly:

P: $24{,}000 \times \frac{4}{10} = 9{,}600$

Q: $24{,}000 \times \frac{3}{10} = 7{,}200$

R: $24{,}000 \times \frac{3}{10} = 7{,}200$

The entry is: Premium for Goodwill A/c Dr 24,000; To P 9,600, Q 7,200, R 7,200.

2026: 13 May Shift 2

Rohit and Shobit are partners in a firm sharing profits in the ratio of 4:1. On April 15, 2025 they admit Nobit as a new partner. On that date, there was a balance of Rs. 80,000 in general reserve and a debit balance of Rs. 40,000 in the profit and loss account of the firm. Regarding adjustment of general reserve:

2022: 20 July Shift 1

Match List - I with List - II.

List - I	List - II
(a) Building undervalued	(i) Credited to Partner's Capital Account
(b) Building overvalued	(ii) Credited to Revaluation Account
(c) Capital withdrawn	(iii) Debited to Revaluation Account
(d) Additional capital introduced	(iv) Debited to Partner's Capital Account

Choose the correct answer from the options given below :

2025: 27 May Shift 2

At the time of admission of a new partner, for getting right to share the assets of the partnership firm, the new partner atleast will bring :-

2025: 15 May Shift 1

A, B and C are partners in a firm. If D is admitted as a new partner, what will be its affect?

2022: 20 July Shift 1

Value of stock to be shown in Balance sheet after admission will be :

2026: 13 May Shift 2

Kishor and Kunal were partners sharing profits and losses in the ratio of 5:3. On 1st April, 2026 they admitted Kushagra as a new partner and new ratio was decided as 3:2:1. Goodwill of the firm was valued as ₹ 18,00,000. Kushagra couldn't bring any amount for goodwill. The journal entry for the same would be:

P, Q & R were partners sharing profit in the ratio 4:3:3. W was admitted to the partnership, bringing 1,00,000 capital and Rs. 24,000 as his share of Goodwill. Choose the correct entry for retaining of Goodwill brought in by W. W's share in profit was 14\frac{1}{4}41​th

Solution

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CUET Accountancy Past Year Questions (Topic-Wise)

P, Q & R were partners sharing profit in the ratio 4:3:3. W was admitted to the partnership, bringing 1,00,000 capital and Rs. 24,000 as his share of Goodwill. Choose the correct entry for retaining of Goodwill brought in by W. W's share in profit was $\frac{1}{4}$ th