In case of admission of a partner, the new partner brings Rs. 20,000 only as his share of premium for goodwill out of Rs. 50,000. Journal entry for the adjustment of goodwill will be:
Held on 4 Jun 2025 · Verified 13 Jul 2026.
Premium for Goodwill A/c Dr. 20,000
Outgoing Partners Capital A/c Dr. 30,000
To sacrificing partners capital A/c's Cr. 50,000
Premium for Goodwill A/c Dr. 20,000
Goodwill A/c Dr. 30,000
To sacrificing partners capital A/c's Cr. 50,000
Premium for Goodwill A/c Dr. 20,000
Incoming partners current A/c Dr. 30,000
To sacrificing partners capital A/c's Cr. 50,000
Premium for Goodwill A/c Dr. 20,000
Bank A/c Dr. 30,000
To sacrificing partners capital A/c's Cr. 50,000
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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.