Anju and Bhawna are partners in a firm sharing profits in the ratio of 9/12 and 5/20. Chetna was admitted for 7/35 share and she could not bring her share of goodwill in cash. Goodwill of firm is valued at Rs. 50,000. Journalise :- Option 1: Date, Particulars, Dr. ₹, Cr. ₹, Premium for Goodwill A/c Dr., 50,000, To Anju's Capital A/c, 37,500, To Bhawna's Capital A/c, 12,500 Option 2: Date, Particulars, Dr. ₹, Cr. ₹, Chetna's Current A/c Dr., 10,000, To Anju's Capital A/c, 7,500, To Bhawna's Capital A/c, 2,500 Option 3: Date, Particulars, Dr. ₹, Cr. ₹, Chetna's Capital A/c Dr., 10,000, To Anju's Capital A/c, 5,000, To Bhawna's Capital A/c, 5,000 Option 4: Date, Particulars, Dr. ₹, Cr. ₹, Chetna's Capital A/c Dr., 50,000, To Anju's Capital A/c, 37,500, To Bhawna's Capital A/c, 12,500

Answer: Date, Particulars, Dr. ₹, Cr. ₹, Chetna's Current A/c Dr., 10,000, To Anju's Capital A/c, 7,500, To Bhawna's Capital A/c, 2,500. Solution: Old ratio = 9/12 : 5/20 = 3/4 : 1/4 = 3:1. Chetna's share = 7/35 = 1/5, so her share of goodwill = 50,000 x 1/5 = 10,000. As she brings nothing, her Current A/c is debited and the amount is credited to the sacrificing partners in 3:1, giving Anju 7,500 and Bhawna 2,500.

Partnership

Admission

Medium

common

Anju and Bhawna are partners in a firm sharing profits in the ratio of 9/12 and 5/20. Chetna was admitted for 7/35 share and she could not bring her share of goodwill in cash. Goodwill of firm is valued at Rs. 50,000. Journalise :-

Particulars	Dr. ₹	Cr. ₹
Premium for Goodwill A/c Dr.	50,000
To Anju's Capital A/c		37,500
To Bhawna's Capital A/c		12,500

Particulars	Dr. ₹	Cr. ₹
Chetna's Current A/c Dr.	10,000
To Anju's Capital A/c		7,500
To Bhawna's Capital A/c		2,500

Particulars	Dr. ₹	Cr. ₹
Chetna's Capital A/c Dr.	10,000
To Anju's Capital A/c		5,000
To Bhawna's Capital A/c		5,000

Particulars	Dr. ₹	Cr. ₹
Chetna's Capital A/c Dr.	50,000
To Anju's Capital A/c		37,500
To Bhawna's Capital A/c		12,500

✅ Correct Option: 2

Old ratio $= \frac{9}{12} : \frac{5}{20} = \frac{3}{4} : \frac{1}{4} = 3:1$ .

Chetna's share $= \frac{7}{35} = \frac{1}{5}$ , so her share of goodwill $= 50,000 \times \frac{1}{5} = 10,000$ .

As she brings nothing, her Current A/c is debited and the amount is credited to the sacrificing partners in $3:1$ , giving Anju $7,500$ and Bhawna $2,500$ .

2026: 23 May Shift 2

A and B are partners sharing profits in the ratio of 4:3. C was admitted as a new partner for 1/4 share in the future profits of the firm. What would be the new profit sharing ratio of A, B and C?

2026: 11 May Shift 1

Match the LIST-I with LIST-II

	LIST-I (Journal Entries)		LIST-II (Revaluation of Assets and Reassessment of Liabilities)
A.	Asset A/c Dr. To Revaluation A/c	I.	For reduction in the amount of a liability
B.	Old Partner's Capital A/c Dr. To Revaluation A/c	II.	For unrecorded liability
C.	Liability A/c Dr. To Revaluation A/c	III.	For an unrecorded asset
D.	Revaluation A/c Dr. To Liability A/c	IV.	For transferring loss on revaluation

Choose the correct answer from the options given below:

2023: 20 June Shift 2

Vikas and Rahul are partners who shared profits in the ratio of 2:3. They admitted Sunil as a partner for $\frac{3}{7}$ th share in future profits who brings Rs.37,500 as his share of Goodwill. Half of which is withdrawn by sacrificing partners. Record Journal entry for Goodwill withdrawn by Partners.

2026: 21 May Shift 2

Reconstitution of a partnership firm usually does not take place at the time of :

2026: 31 May Shift 1

Ambar, Bimla and Tara are partners in a firm sharing profits in the ratio of 3:2:1. Adnan is admitted into the firm for 1/4 share in profits, which he gets as 1/8 from Ambar and 1/8 from Bimla. The total capital of the firm is agreed upon as Rs. 1,20,000 and Adnan is to bring in cash equivalent to 1/4 of this amount as his capital. The capitals of other partners are also to be adjusted in the ratio of their respective shares in profits. The capitals of Ambar, Bimla and Tara after all adjustments are Rs. 40,000, Rs. 35,000 and Rs. 30,000 respectively. Calculate the cash brought in or paid to each partner.

Choose the correct answer from the options given below:

2025: 31 May Shift 1

A and B are partners in a firm sharing profits in the ratio 2:1. C is admitted into the firm with 1/4th share in profits and he brings Rs. 30,000 as his capital. If the capitals of A and B are to be adjusted in their profit sharing ratio then the capital of A will be-

Anju and Bhawna are partners in a firm sharing profits in the ratio of 9/12 and 5/20. Chetna was admitted for 7/35 share and she could not bring her share of goodwill in cash. Goodwill of firm is valued at Rs. 50,000. Journalise :-

Solution

Related questions:

Keyboard Shortcuts

CUET Accountancy Past Year Questions (Topic-Wise)