Vikas and Rahul are partners who shared profits in the ratio of 2:3. They admitted Sunil as a partner for 73 th share in future profits who brings Rs.37,500 as his share of Goodwill. Half of which is withdrawn by sacrificing partners. Record Journal entry for Goodwill withdrawn by Partners.
Held on 20 Jun 2023 · Verified 13 Jul 2026.
Premium for Goodwill A/c Dr 37,500
To Vikas's Capital A/c 15,000
To Rahul's Capital A/c 22,500
Vikas's Capital A/c Dr 7,500
Rahul's Capital A/c Dr 11,250
To Bank A/c 18,750
Bank A/c Dr 18,750
To Vikas's Capital A/c 7,500
To Rahul's Capital A/c 11,250
Vikas's capital A/c Dr 15,000
Rahul's Capital A/c Dr 22,500
To Bank 37,500
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An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
As per AS-26 Intangible assets like goodwill should be written off.
Identify the correct statement from the given below :-
By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.
Work through every CUET UG Partnership PYQ, year by year.