How to Use NCERT Solutions Effectively
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Read MoreIf some goodwill already exists in the b | Class 12 Accountancy Chapter Reconstitution of a Partnership Firm - Admission of a Partner, Reconstitution of a Partnership Firm - Admission of a Partner NCERT Solutions
Q5.
If some goodwill already exists in the books and the new partner brings in his share of goodwill in cash, how will you deal with existing amount of goodwill?
If some goodwill already exists in the books of old firm, then it should be written off among the old partner's itself in their old profit sharing raito. Following journal entry shall be passed for this:
Old Partner's Capital Account Dr.
To Goodwill Account
(Goodwill Written off in old ratio among the old partners)
Study Tips for Answering NCERT Questions:
NCERT questions are designed to test your understanding of the concepts and theories discussed in the chapter. Here are some tips to help you answer NCERT questions effectively:
- Read the question carefully and focus on the core concept being asked.
- Reference examples and data from the chapter when answering questions about Reconstitution of a Partnership Firm - Admission of a Partner.
- Review previous year question papers to get an idea of how such questions may be framed in exams.
- Practice answering questions within the time limit to improve your speed and accuracy.
- Discuss your answers with your teachers or peers to get feedback and improve your understanding.
Important Questions & Answers
What is the correct answer to: If some goodwill already exists in the books and the new partner brings in his share of goodwill in cash, how will you deal with existing amount of goodwill??
If some goodwill already exists in the books of old firm, then it should be written off among the old partner's itself in their old profit sharing raito. Following journal entry shall be passed for this:
Old Partn...
How do you solve If some goodwill already exists in the books and the new partner brings in his share of goodwill in cash, how will you deal with existing amount of goodwill? step by step?
Step-by-step explanation:
• If some goodwill already exists in the books of old firm, then it should be written off among the old partner's itself in their old profit sharing raito
• Following journal entry shall be passed for this:
•
• Old Partner's Capital Account Dr
•
Why is this answer important for exams?
This question is important because it tests key concepts from the NCERT syllabus and is frequently asked in CBSE exams.
Which NCERT concept is used in this question?
This question is based on core NCERT concepts explained in the chapter and should be revised thoroughly before exams.
What common mistakes should be avoided in this question?
Students often lose marks by skipping steps, writing incomplete explanations, or misunderstanding keywords used in the question.
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