CA CPT Model Test Paper 13 with solutions for online practice

Question : 10 of 200

Marks: +1, -0

A, B and C are partners sharing profits and loss in the ratio 3:2:1. They decide to change their profit sharing ratio to 2:2:1. To give effect to this new profit sharing ratio they decide to value the goodwill at Rs. 30,000. Pass the necessary journal entry if Goodwill not appearing in the old balance sheet and should not appear in the new balance sheet.

B's Capital Account Dr. Rs. 2,000
C's Capital Account Dr. Rs. 1,000
To A's Capital Account Rs. 3,000
Goodwill Account Dr. Rs. 30,000
To A's Capital Account Rs. 15,000
To B's Capital Account Rs. 10,000
To C's Capital Account Rs. 5,000
A's Capital Account Dr. Rs. 12,000
B's Capital Account Dr. Rs. 12,000
C's Capital Account Dr. Rs. 6,000
To Goodwill Account Rs. 30,000
A's Capital Account Dr. Rs. 3,000
To B's Capital Account Rs. 2,000
To C's Capital Acount Rs. 1,000

Validate

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