Admission Of Partner — Important Questions
Telangana Open School (TOSS) · Class 12 · Accountancy
48 important questions from Admission Of Partner for Telangana Open School (TOSS) Class 12 Accountancy, with answers. Written for the board exams 2027.
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Important Questions from Admission Of Partner
Goodwill is the value of a firm's:
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Reputation and expected future profits
Goodwill represents the firm's reputation and its ability to earn more than normal profits in the future.
If a new partner is admitted for a 1/5 share and the old partners continue in their old ratio, what portion of the profit is left for the old partners?
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4/5
If the new partner takes 1/5, the remaining share is 1 - 1/5 = 4/5, which is shared by the old partners.
Which of the following is NOT a method of valuing goodwill?
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Straight Line Method
Straight Line Method is used for depreciation, not for valuing goodwill. The others are standard methods for goodwill valuation.
When a new partner brings cash for goodwill, it is credited to:
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Goodwill Premium Account
The amount brought for goodwill is first credited to the Goodwill Premium Account before being distributed to old partners.
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