by DeepWebLabs
CUET-UG SERIES
Accountancy

Journal Entry

1 previous year questions.

Volume: 1 Ques
Yield: Medium

High-Yield Trend

1
2023

Chapter Questions
1 MCQs

01
PYQ 2023
medium
accountancy ID: cuet-ug-
Based on the above, answer the question. Amrita and Kalyani are partners sharing profits in the ratio of 3 : 2. They decided to expand the business by admitting Suraj as a new partner for 1/4th share. Suraj’s share of goodwill is valued at Rs 90,000 for which he compensated Amrita and Kalyani in the ratio 1 : 4. Following information is also provided:
  • Machinery : Rs 25,00,000
  • Land : Rs 10,00,000
  • Computer : Rs 2,50,000
  • Workmen compensation fund : Rs 5,30,000
Claim against workmen compensation is Rs 2,00,000 and goodwill appeared in the books at Rs 60,000.
What journal entry will be passed for goodwill appearing in the books?
1
Dr. Goodwill A/c Rs 60,000 Cr. Amrita’s Capital A/c Rs 36,000 Cr. Kalyani’s Capital A/c Rs 24,000
2
Dr. Amrita’s Capital A/c Rs 36,000 Dr. Kalyani’s Capital A/c Rs 24,000 Cr. Goodwill A/c Rs 60,000
3
Dr. Amrita’s Capital A/c Rs 12,000 Dr. Kalyani’s Capital A/c Rs 48,000 Cr. Goodwill A/c Rs 60,000
4
Dr. Goodwill A/c Rs 60,000 Cr. All partner’s Capital A/c Rs 60,000