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12th Class Accountancy Admission of a Partner Question Bank Case Baesd - Reconstitution Of a Partnership Firm : Admission of a Partner

  • question_answer
    From the above information find out 10 to 12:
    Navya and Shivangi are partners since last 10 years. They are involved in manufacturing of Mobile phones. 80% of the profit is shared by Navya and remaining 20% by Shivangi. They admit a new partner Mokshi for 1/3rd share in profits. Following entries were passed at the time of admission of Mokshi.
    Date Particulars L. F. Debit Credit
    Cash A/c Dr. 3,50,000
    To Mokshi's Capital A/c 3,00,000
    To Premium for Goodwill A/c 1,00,000
    (Being capital and premium brought by new partner)
    Premium for Goodwill A/c Dr. 1,00,000
    Shivangi's Capital A/c Dr. 40,000
    To Navya's Capital A/c 1,40,000
    (Being premium adjusted)
    Total Goodwill of the firm:
     

    A) 1,00,000

    B) 2,00,000

    C) 3,00,000

    D) 4,00,000

    Correct Answer: C

    Solution :

    3,00,000


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