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Accountancy · 2024 · 1 mark
Reconstitution of a Partnership Firm – Admission of a PartnerChange in Profit Sharing Ratio among the Existing Partners1 markvery short answer
CBSE 2024 · Region 5 · Set 3 · Q7
Isha and Manish were partners in a firm sharing profits and losses in the ratio of $\displaystyle 3$ : 2. With effect from 1st April, $\displaystyle 2023$, they agreed to share profits equally. On this date the goodwill of the firm was valued at ₹ $\displaystyle 3,00$,000. The necessary journal entry for the treatment of goodwill without opening Goodwill Account will be :
Official answer
From CBSE’s own marking scheme for this paper.
(A)
April, $\displaystyle 1$ Manish's Capital A/c. Dr. $\displaystyle 30,000$ To Isha's Capital A/c. $\displaystyle 30,000$
Marking-scheme solution
(A)
Date Particulars Dr.Amount Cr.Amount
(₹) (₹)
$\displaystyle 2023$
April $\displaystyle 1$ Manish’s Capital A/c Dr. $\displaystyle 30,000$
To Isha’s Capital A/c $\displaystyle 30,000$
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CBSE Class 12 Accountancy past-paper question from the 2024board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.