CUET Accountancy - What journal entry will be passed for goodwill appearing in the books ? | PYQs + Solutions

CUET Accountancy 2023 28 May Shift 1

Partnership

Easy

Dr. Goodwill A/c Rs. 60,000

Cr. Amrita's Capital A/c Rs. 36,000

Cr. Kalyani's Capital A/c Rs. 24,000

Dr. Amrita's Capital A/c Rs. 36,000

Dr. Kalyani's Capital A/c Rs. 24,000

Cr. Goodwill A/c Rs. 60,000

Dr. Amrita's Capital A/c Rs. 12,000

Dr. Kalyani's Capital A/c Rs. 48,000

Cr. Goodwill A/c Rs. 60,000

Dr. Goodwill A/c Rs. 60,000

Cr. All partner's Capital A/c Rs. 60,000

✅ Correct Option: 2

Related questions:

14 May Shift 1

The capitals of other partners are also to be adjusted in the ratio of their respective shares in profits. A will bring in cash as capital after adjustment amount:

22 May Shift 2

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

15 July Shift 2

X and Y are partners in a firm sharing profits in the ratio of 4:1. Z is admitted in the firm for $\frac{1}{5}$ share. On the admission of Z there was a balance of Rs. 20,000 in general reserve. What would be the journal entry for distributing the reserve.

CUET Accountancy 2023 28 May Shift 1 PYQs

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