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Q.

When the incoming partner brings his share of premium for goodwill in cash, it is adjusted by crediting to:

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a

His capital Account

b

Premium for goodwill Account

c

None of the above

d

Sacrificing partners capital Accounts

answer is C.

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Detailed Solution

When the incoming partner brings his share of premium for goodwill in cash, it is adjusted by crediting to sacrificing partner’s capital account.

His  capital account is debited and premium for goodwill account it created when the new partner doesn’t bring the goodwill in cash.

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