Vikas and Rahul are partners who shared profits in the ratio of 2:3. They admitted Sunil as a partner for 3/7 th share in future profits who brings Rs.37,500 as his share of Goodwill. Half of which is withdrawn by sacrificing partners. Record Journal entry for Goodwill withdrawn by Partners.

Question

Option 1: Premium for Goodwill A/c Dr 37,500 To Vikas's Capital A/c 15,000 To Rahul's Capital A/c 22,500

Option 2: Vikas's Capital A/c Dr 7,500 Rahul's Capital A/c Dr 11,250 To Bank A/c 18,750

Option 3: Bank A/c Dr 18,750 To Vikas's Capital A/c 7,500 To Rahul's Capital A/c 11,250

Option 4: Vikas's capital A/c Dr 15,000 Rahul's Capital A/c Dr 22,500 To Bank 37,500

AfterBoards · Accepted Answer

The answer is 'Vikas's Capital A/c Dr 7,500 Rahul's Capital A/c Dr 11,250 To Bank A/c 18,750'. View full solution:

CUET Accountancy 2023 20 June Shift 2 PYQs

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