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Accountancy (CUET) Common University Entrance Test (CUET)

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The journal entry for treatment of goodwill, when a new partner brings his share of goodwill in cash and one of the old partners gains, involves the following :

(A)Gaining Partner’s Capital Account is debited

(B)Premium for Goodwill Account is debited

(C)Sacrificing Partner’s Capital Account is credited

(D)Gaining Partner’s Capital Account is credited

Choose the correct answer from the options given below :

This questions was previously asked in

CUET ACCOUNTANCY Previous Year Paper (2024)

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(A), (B) and (D) only

(A), (B) and (C) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Explanation:

(A), (B) and (C) only

By: AARTI

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