CUET Accountancy 2023 20 June Shift 2 PYQs

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

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.

On the admission of a new partner, an increase in the value of assets is debited to: