Accountancy- Admission of a Partner Set 1

Goodwill of a firm of A and B is valued at Rs. 30,000. It is appearing in the books at Rs. 12,000. C is admitted for 1/4 share. What amount he is supposed to bring for goodwill?

When the balance sheet is prepared after the new partnership agreement, the assets and liabilities are recorded at:

In case of admission of a partner, the entry for unrecorded investments will be:

If, at the time of admission, the revaluation A/c shows a profit, it should be credited to :

Revaluation Account or Profit and Loss Adjustment A/c is a

When a new partner brings goodwill in Cash, it is credited to :

If the incoming partner brings the amount of goodwill in Cash and also a balance exists in goodwill account, then this goodwill account is written off among the old partners in

In the absence of an express agreement as to who will contribute to new partners

A and B share profits and losses equally. They have Rs. 20,000 each as capital. They admit C as equal partner and goodwill was valued at Rs. 30,000. C is to bring in Rs. 30,000 as his capital and necessary cash towards his share of goodwill. Goodwill Account will not remain open in books. If profit on revaluation is Rs. 13,000, find the closing balance of the capital accounts.

If the new partner brings his share of goodwill in cash, it will be shared by old partners in :