CUET Accountancy - The journal entry for treatment of goodwill, when a new partner brings his share of goodwill in cash and one of the old partners gains, involves the following: | PYQs + Solutions

CUET Accountancy

Partnership

Easy

(A), (B) and (D) only

(A), (B) and (C) only

(A), (B), (C) and (D)

(B), (C) and (D) only

✅ Correct Option: 2

Related questions:

22 May Shift 2

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

2 June Shift 2

Match List-I with List-II

List-I	List-II
(Types of goodwill)	(Treatment to done.)
(a) Existing Goodwill.	(I) no entry passed.
(B) Goodwill premium	(II) inferred from the capital arrangement.
(C) Goodwill paid privately.	(III) Written off.
(D) Hidden goodwill	(IV) credited to sacrificing partner.

Choose the correct answer from the options given below:

3 June Shift 1

The journal entries recorded for revaluation of assets and reassessment of liabilities are given here, find the correct :

(A) For increase in the value of an asset

Asset A/c Dr.

To Revaluation A/c

(B) For reduction in the value of an asset

Revaluation A/c Dr.

Asset A/c

Liability A/c Dr.

To Revaluation A/c

(D) For recording in the amount of a unrecorded liability

Revaluation A/c Dr.

To Liability A/c

Choose the correct answer from the options given below:

CUET Accountancy PYQs