A and B are partners sharing profits and losses in 3: 2. They admit C into partnership for 3/10th share in the profits. A surrender 1/3rd of his share and B surrenders 1/4th of his share in favour of C. Goodwill of the firm is valued at Rs.6,00,000 but C is unable to bring his share of goodwill in cash. Credit will be given to : (A) A Rs.108,000; B Rs.72,000(B) A Rs.1,20,000; B 60,000 (C) A 4,00,000; B Rs.2,00,000(D) A Rs.1,80,000; 5 Rs.1,20,000

A and B are partners sharing profits and losses in 3: 2. They admit C into partnership for 3/10th share in the profits. A surrender 1/3rd of his share and B surrenders 1/4th of his share in favour of C. Goodwill of the firm is valued at Rs.6,00,000 but C is unable to bring his share of goodwill in cash. Credit will be given to : (A) A Rs.108,000; B Rs.72,000(B) A Rs.1,20,000; B 60,000 (C) A 4,00,000; B Rs.2,00,000(D) A Rs.1,80,000; 5 Rs.1,20,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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