Multiple Choice Questions on Being Chander brought rs 20000 for his share of goodwill Which account should be debited ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

Being Chander brought rs 20000 for his share of goodwill Which account should be debited ........

General Accounting Principles Partnership
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    Being Chander brought rs 20000 for his share of goodwill. Which account should be debited?

    Goodwill A/c

    Incorrect Answer

    Cash/Bank A/c

    Correct Answer

    Profit and Loss A/c

    Incorrect Answer

    Partner’s capital account

    Incorrect Answer
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    Explanation:

    When a new partner is admitted and he brings his share of goodwill (premium for goodwill) in cash, in such a case Cash or Bank account should be debited and Premium for goodwill account should be credited.

    By: SWAPNIL AGGARWAL
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