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

  • question_answer
    X and Y are partners. On 31st March 2021, the firm shows the value of total assets Rs. 5,40,000 and outside liabilities Rs. 1,00,000. Z was admitted for 1/4th share in the profits of the firm. Z brings Rs. 2,00,000 as his capital. He will also bring cash for his share of premium for goodwill. Impact on Y's Capital Account for premium for goodwill:

    A) Credit with Rs. 45,000       

    B) Credit with Rs. 20,000

    C) Credit with Rs. 40,000       

    D) Credit with Rs. 10,000

    Correct Answer: B

    Solution :

    Credit with Rs. 20,000


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