Question : A and B are partners sharing profit in the ratio of 5:4. They admitted C in the firm for 1/3rd profit which he takes 2/9th share from A and 1/9th share from B and brings Rs 1500 as premium. Choose the necessary journal entries on c's admission.

Option 1: Debited cash a/c Rs 1500, credited C's capital account Rs 1500

Option 2: Debited cash account Rs 1500 and credited premium for goodwill account Rs 1500

Option 3: Debited premium for Goodwill account Rs 1500 and Credited A's capital account with Rs 1000 and B's capital account with Rs 500

Option 4: Both 2 and 3

Question : C's Capital Account has a credit balance of Rs.2,00,000; C's Loan Account is showing a debit balance of Rs.40,000. Bank Balance is Rs.3,00,000. Show the treatment of C's Loan Account.

Question : X and Y are partners in a firm sharing profit in the ratio of 4:3. On 1st April 2016, they admitted Z as a new partner. Z brought Rs 1,00,000 for his capital and Rs 21,000 for 1/3rd share of goodwill premium. On Z's admission goodwill appeared in the books of the firm

Question : A and B are partners sharing profits & losses as 2: 1. C and D are admitted and the profit sharing ratio becomes 4: 2: 3: 1. Goodwill is valued at Rs.2,00,000. D brings the required goodwill and Rs.50,000 cash for Capital. C brings in Rs.50,000 cash and Rs. 40,000 worth of

Question : P, R and A are partners sharing profit and losses in the ratio of 1:1:1. A retired on 1st April, 2021. P and R decided to continue the business share profit in the ratio of 3: 2. They also decided to give effect to the change In value of assets and liabilities without changing

Question : A and B are partners sharing profits and losses in the ratio of 3: 2. They admit C into partnership for 1/4th share, which he takes 1/6th from A and 1/12th from B. Goodwill exists in the books at Rs. 20,000. C brings Rs. 18,000 as goodwill out of his share of Rs. 30,000. It