CUET Accountancy - In case of admission of a partner, the new partner brings Rs. 20,000 only as his share of premium for goodwill out of Rs. 50,000. Journal entry for the adjustment of goodwill will be: | PYQs + Solutions

CUET Accountancy 2025 4 June Shift 2

Partnership

Medium

common

Premium for Goodwill A/c Dr. 20,000

Outgoing Partners Capital A/c Dr. 30,000

To sacrificing partners capital A/c's Cr. 50,000

Premium for Goodwill A/c Dr. 20,000

Goodwill A/c Dr. 30,000

To sacrificing partners capital A/c's Cr. 50,000

Premium for Goodwill A/c Dr. 20,000

Incoming partners current A/c Dr. 30,000

To sacrificing partners capital A/c's Cr. 50,000

Premium for Goodwill A/c Dr. 20,000

Bank A/c Dr. 30,000

To sacrificing partners capital A/c's Cr. 50,000

✅ Correct Option: 3

Related questions:

27 May Shift 1

Arrange the steps involved under the super profit method of calculating goodwill-

(A) Calculate the normal profit on the firm's capital on the basis of the normal rate of return

(B) Calculate the average profit

(D) Calculate the super profits by deducting normal profit from the average profits

Choose the correct answer from the options given below:

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

29 May Shift 2

Kim and Sim are partners in a firm sharing profits in 4:3 ratio. They admitted Pim as a new partner for 1/4 share in the profits, which he acquired in the ratio of 3:2 from Kim and Sim. Determine the new profit sharing ratio of the partners.

2 June Shift 2

The past average profits of a business works out at Rs. 20,000 and it is expected that such profits are likely to continue for another three years, the value of goodwill based on average profit method will be....... .

CUET Accountancy 2025 4 June Shift 2 PYQs

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