Partnership

A,B & C are in partnership sharing profits and losses in the ratio $2:2:1$. They want to admit D into partnership with $1/5$ share. D brings in Rs.$30,000$ as capital and Rs.$10,000$ as premium for goodwill. If premium money is retained in business which of the following journal entry is correct for sharing premium for goodwill? A Capital A/c Dr. B Capital A/c Dr. C Capital A/c Dr. To Premium for Goodwill A/c $4,000$ $4,000$ $2,000$ $10,000$ Premium for Goodwill A/c Dr. To A Capital A/c To B Capital A/c To C Capital A/c $10,000$ $2,000$ $4,000$ $4,000$ Premium for Goodwill A/c Dr. To A Capital A/c To B Capital A/c To C Capital A/c $10,000$ $4,000$ $4,000$ $2,000$ Premium for Goodwill A/c Dr. To A Capital A/c To B Capital A/c To C Capital A/c $10,000$ $3,000$ $3,000$ $4,000$

A and B are partners sharing profits and losses in the ratio of $3: 2$. They admit C into the partnership for $1/4$th share. C brings in $Rs.6,000$ for capital and the requisite amount of premium in cash. The goodwill of the firm is valued at $Rs.9,600$. Partners withdrew their share of goodwill in cash. A and B withdrew ________.

A, B and C are partners sharing profits in the ratio of 4 : 3: 2. D is admitted for the 2/9th share of profit and brings Rs.18,000 as his capital and the necessary amount for his share of goodwill. The goodwill of the firm is valued at Rs. 2,43,000. The new profit sharing ratio of A, B, C and wit be 3: 2: 2: 2. The sacrificing partners withdrew half of their share of goodwill. They withdrew _________.

Balances of A, B & C sharing profits & losses in proportionate to their capitals, stood as: A = $Rs.2,00,000$ B = $Rs.3,00,000$ C = $Rs.2,00,000$ A desired to retire from the firm, B and C share the future profits equally, Goodwill of the entire firm be valued at $Rs.1,40,000$ and no Goodwill account being raised. What entry will be passed for payment of Goodwill?

A, B & C are partners sharing profits and loss in the ratio $3:2:1$. They decide to change their profit sharing ratio to $2:2:1$. To gave effect to this new profit sharing ratio they decide to value the goodwill at Rs. $30,000$. Pass the necessary journal entry if Goodwill not appearing in the old balance sheet and should not appear in the new balance sheet. B's Capital A/c Dr. C's Capital A/c Dr. To A's Capital A/c $2,000$ $1,000$ $3,000$ Goodwill A/c Dr. To A's Capital A/c To B's Capital A/c To C's Capital A/c $30,000$ $12,000$ $12,000$ $6,000$ A's Capital A/c Dr. B's Capital A/c Dr. C's Capital A/c Dr. To Goodwill A/c $12,000$ $12,000$ $6,000$ $30,000$ A's Capital A/c Dr. To B's Capital A/c To C's Capital A/c $3,000$ $2,000$ $1,000$

A & B are partners sharing profits and losses in the ratio of $3:2$. C joins the firm for $1/3$rd share, and is to pay Rs.$40,000$ as premium for goodwill but cannot pay anything. As netween A and B, they decided to share profits and losses equally. Goodwill already appearing in balance sheet is $1,00,000$ Required journal entry A Capital A/c Dr. B Capital A/c Dr. To Goodwill A/c $72,000$ $48,000$ $1,20,000$ Goodwill A/c Dr. To A Capital A/c To B Capital A/c $1,20,000$ $72,000$ $48,000$ Goodwill A/c Dr. To A Capital A/c To B Capital A/c $20,000$ $12,000$ $8,000$ Premium for Goodwill A/c Dr. To A Capital A/c To B Capital A/c $20,000$ $8,000$ $12,000$

A & B are sharing profits & losses in the ratio of $3:2$. C is coming as a new partner who pays Rs.$25,000$ as premium fro goodwill. The profit sharing ration among A,B & C is equal. If premium money is retained in business which of the following journal entry is correct for sharing permium for goodwill? A Capital A/c Dr. B Capital A/c Dr. To Premium for Goodwill A/c $20,000$ $5,000$ $25,000$ Premium for Goodwill A/c Dr. To A Capital A/c To B Capital A/c $25,000$ $5,000$ $20,000$ Premium for Goodwill A/c Dr. To A Capital A/c To B Capital A/c $25,000$ $20,000$ $5,000$ Premium for Goodwill A/c Dr. To A Capital A/c To B Capital A/c $25,000$ $15,000$ $10,000$

A & B are sharing profits and losses in the ratio of $3:2$. C joins the firm for $1/3$rd share and is to pay Rs.$20,000$ as permium for goodwill but cannot pay anything. As between A & B, they decided to share profits and losses equally. Required journal entry A Capital A/c Dr. B Capital A/c Dr. To Coodwill A/c $36,000$ $24,000$ $60,000$ Goodwill A/c Dr. To A Capitla A/c To B Capital A/c $60,000$ $36,000$ $24,000$ Goodwill A/c Dr, To A Capital A/c To B Capital A/c $60,000$ $30,000$ $30,000$ Premium for Goodwill A/c Dr. To A Capital A/c To B Capital A/c $60,000$ $24,000$ $36,000$

N & Z are partners in a firm sharing profits and losss in the ratio of $3:2$. S joins the firm for $1/3$rd share. and is to pay Rs.$5,000$ as premium for goodwill but cannot pay anything. As between N and Z, they decided to share profits and losses equally. It was agreed that goodwill has to be adjusted through partner's capital account. Required journal entry- N Capital A/c Dr. Z Capital A/c Dr. To S A/c $4,000$ $1,000$ $5,000$ S Capital A/c Dr. To N Capital A/c To Z Capital A/c $5,000$ $4,000$ $1,000$ S Capital A/c Dr. To N Capital A/c To Z Capital A/c $5,000$ $1,000$ $4,000$ Premium for Goodwill A/c Dr. To N Capital A/c To Z Capital A/c $20,000$ $8,000$ $12,000$

A & B were partners sharing profits & losses in the ratio of $3:1$. C was admitted to the firm on the following terms: C would provide Rs.$1,00,000$ as a capital and pay Rs.$20,000$ as goodwill for his $1/3$rd share in future profits. Goodwill account would not appear in the books. A,B & C would share profits equally. Which of the following journal is correct in relation to premium for goodwill Rs.$20,000$ brought in by new partner? Premium for Goodwill A/c Dr. B Capital A/c Dr. To A Capital A/c $20,000$ $5,000$ $25,000$ Premium for Goodwill A/c Dr. To A Capital A/c To B Capital A/c $20,000$ $15,000$ $5,000$ Premium for Goodwill A/c Dr. To A Capital A/c To B Capital A/c $20,000$ $10,000$ $10,000$ Premium for Goodwill A/c Dr. A Capital A/c Dr. To B Capital A/c $20,000$ $5,000$ $25,000$