In case of admission of a new partner, Match List-I with List-II.

LIST-I LIST-II
A. New partner bring goodwill in cash I. Premium for Goodwill A/c Dr; To Old Partners' Capital A/c
B. Goodwill already exists in books II. New Partner's Current A/c Dr.; To Sacrificing Partners' Capital A/c
C. New partner does not bring goodwill III. Bank A/c Dr.; To Premium for Goodwill A/c
D. Premium shared by sacrificing partner IV. Old Partner's Capital A/c Dr.; To Goodwill A/c

Choose the correct answer from the options given below:

Question

A-I, B-II, C-III, D-IV

A-III, B-IV, C-II, D-I

A-I, B-II, C-IV, D-III

A-III, B-IV, C-I, D-II

Accepted Answer

A-III, B-IV, C-II, D-I

Answer

A-I, B-II, C-III, D-IV

Answer

A-I, B-II, C-IV, D-III

Answer

A-III, B-IV, C-I, D-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.

LIST-I		LIST-II
A.	New partner bring goodwill in cash	I.	Premium for Goodwill A/c Dr; To Old Partners' Capital A/c
B.	Goodwill already exists in books	II.	New Partner's Current A/c Dr.; To Sacrificing Partners' Capital A/c
C.	New partner does not bring goodwill	III.	Bank A/c Dr.; To Premium for Goodwill A/c
D.	Premium shared by sacrificing partner	IV.	Old Partner's Capital A/c Dr.; To Goodwill A/c

Solution