A and B are partners sharing profits in the ratio of 3 : 2. Their books showed goodwill at Rs. 3,000. C is admitted with 14^th share of profit and brings Rs. 10,000 as his capital. But, he is not able to bring in cash for his share of goodwill Rs. 3,000. How will you treat this?

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This question belongs to Commerce Accounting

Accounting

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A and B are partners sharing profits in the ratio of 3 : 2. Their books showed goodwill at Rs. 3,000. C is admitted with $${\frac{1}{4}^{{\text{th}}}}$$ share of profit and brings Rs. 10,000 as his capital. But, he is not able to bring in cash for his share of goodwill Rs. 3,000. How will you treat this?

A) Goodwill is raised by Rs. 12,000 B) C will remain as debtor for Rs. 3,000 C) C's A/c is debited for Rs. 3,000 D) Goodwill is raised by Rs. 9,000

Answer & Solution

Correct Answer: Option C

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