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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
    A and B are partners sharing profits and losses as 2 : 1. C is admitted and profit sharing ratio becomes 4 : 3 : 2. Goodwill is valued at Rs. 94,500. C brings required goodwill in cash. Goodwill amount will be credited to:

    A) A Rs. 14,000 and B Rs. 7,000

    B) A Rs. 12,000 and B Rs. 9,000

    C) A Rs. 21,000      

    D) A Rs. 94,500

    Correct Answer: C

    Solution :

    [c] A Rs. 21,000
    Hint: Sacrificing Share = Old Share - New Share
    A = \[\frac{2}{3}-\frac{4}{9}=\frac{6-4}{9}=\frac{2}{9}\]
    B = \[\frac{1}{3}-\frac{3}{9}=\frac{3-3}{9}\]= Nill
    C's share of goodwill \[\left( 94,500\times \frac{2}{9}=\operatorname{Rs}\,\,21,000 \right)\] will be credited to only A's capital account as he.is the only sacrificing partner.
     


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