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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 markmcq
CBSE 2024 · Region 5 · Set 1 · Q14
Isha and Manish were partners in a firm sharing profits and losses in the ratio of 3: 2. With effect from 1st April, 2023, they agreed to share…
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 Aceount will be : Dr. Cr. Date Particulars Amount Amount $\displaystyle 2023$ c) c)
Official answer
(A)
April, $\displaystyle 1$ Manlsh'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 2024 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.