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: