Partnership

Admission

Medium

common

Riya and Kiya 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 Siya on Jan. 1, 2025 as a new partner for 1/5th share in the future profits. Siya brought Rs. 60,000 as his capital and the necessary amount of goodwill. Calculate Siya's share of goodwill.

Rs. 1,10,000

Rs. 3,00,000

Rs. 22,000

Rs. 1,90,000

✅ Correct Option: 3

Siya's capital of $60,000$ buys $\frac{1}{5}$ share, so total capital of the firm $= 60,000 \times 5 = 3,00,000$ .

Combined capital of all partners $= 80,000 + 50,000 + 60,000 = 1,90,000$ .

Goodwill of firm $= 3,00,000 - 1,90,000 = 1,10,000$ .

Siya's share $= \frac{1}{5} \times 1,10,000 = 22,000$ .

2026: 31 May Shift 1

Arrange the steps in order to find out the value of goodwill based on Super Profit Method.

A. Calculate the super profit by deducting normal profit from the average profits

B. Calculate the normal profit on the firm's capital on the basis of the normal rate of return

C. Calculate the average profit

D. Calculate goodwill by multiplying the super profits by the given number of years' purchase

Choose the correct sequence from the options given below:

2025: 29 May Shift 2

Match List-I with List-II

List-I	List-II
(Items to be adjusted on admission)	(side of account.)
(A) Existing goodwill	(i) Debit of capital account.
(B) Increase in value of assets.	(ii) Debit of revaluation account.
(C) Decrease in value of assets.	(iii) Credit of revaluation account.
(D) New partner capital.	(iv) Credit of capital account.

Choose the correct answer from the options given below:

2025: 14 May Shift 2

Ramesh and Suresh are partners in a firm sharing profits in the ratio of 4:3. They admitted Mohan as a new partner. The profit sharing ratio of Ramesh, Suresh and Mohan will be 2:3:1. Choose the correct option with regards to the gain or sacrifice of old partner-

2026: 23 May Shift 2

Match the LIST-I with LIST-II

LIST-I		LIST-II
A.	Average Profit	I. Average profit - Normal profit
B.	Super Profit	II. Super Profit x No. of Years of Purchases
C.	Super Profit Method	III. Total Profit/ No. of Years
D.	Capitalised Value	IV. Average Profit x 100/ Normal Rate of Return

Choose the correct answer from the options given below:

2026: 13 May Shift 1

Identify the type of Goodwill that is to be recorded in accounts book according to Accounting Standard-26.

2025: 14 May Shift 1

D will bring in cash as his capital:

Solution

Related questions:

Keyboard Shortcuts

CUET Accountancy Past Year Questions (Topic-Wise)