CUET Accountancy - If the premium for goodwill is paid to the old partners directly / privately by the new partner, what journal entry will be recorded in the books of Partnership Firm :- | PYQs + Solutions

CUET Accountancy 2025 30 May Shift 1

Partnership

Easy

common

Cash / Bank A/c Dr.

To Premium for Goodwill A/c

Premium for Goodwill A/c Dr.

To Sacrificing Partners' Capital A/c

Cash / Bank A/c Dr.

Premium for Goodwill A/c Dr.

No journal entry is recorded.

To Sacrificing Partners' Capital A/c

✅ Correct Option: 4

Related questions:

3 June Shift 2

Hem and Nem are partners in a firm sharing profits in the ratio of 3:2. Their capitals were Rs. 80,000 and Rs. 50,000 respectively. They admitted Sam on Jan. 1, 2017 as a new partner for 1/5 share in the future profits. Sam brought Rs. 60,000 as his capital. Calculate the value of the goodwill of the firm if Sam brings his share of goodwill in Cash:

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If a new partner does not bring his share of goodwill in cash, the following treatment shall be made

CUET Accountancy 2025 30 May Shift 1 PYQs

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