Partnership

Admission

Easy

common

For the right to acquire share in the assets and profits of the partnership firm, the new partner brings:

An agreed amount of capital only in cash

An agreed amount of capital only in kind

An agreed amount of goodwill only

An agreed amount of capital either in cash or in kind

✅ Correct Option: 4

The incoming partner buys a right in the assets and future profits by bringing in an agreed amount of capital, which may be contributed in cash or in kind, such as assets. Any premium for goodwill is a separate payment for the sacrifice made by old partners.

2025: 22 May Shift 1

A and B are partners sharing profits equally with capitals of Rs 45,000 each. They admitted C as a new partner for 1/3rd share in the profit. C bring Rs 60,000 as his capital. Find the goodwill of the firm.

2026: 29 May Shift 2

At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:

2025: 13 May Shift 2

Goodwill is -

2024

On the date of admission of a partner there was a balance of ₹ 45,000 in the account of machinery. It was found undervalued by 10%. The value of machinery will appear in the new Balance Sheet at:

2026: 12 May Shift 1

Arrange the following steps for calculation of goodwill using the Super Profit Method:

(A) Calculate goodwill by multiplying the super profits by the given number of years' purchase.

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

(D) Calculate the average profit.

Choose the correct answer from the options given below:

2025: 3 June Shift 1

Match List-I with List-II

List–I	List–II
(A) Existing Goodwill	(I) no entry passed.
(B) Goodwill premium	(II) Calculated on the basis of capital of partners.
(C) Goodwill paid privately	(III) Written off.
(D) Hidden goodwill	(IV) credited to sacrificing partner.

Choose the correct answer from the options given below:

For the right to acquire share in the assets and profits of the partnership firm, the new partner brings:

Solution

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