Class/Course - CA - CPC

Subject - Fundamentals of Accounting

Chapter - Treatment of Goodwill in Partnership Accounts

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Q.1 Neeraj and Gopi are partners in a firm with capitals of Rs. 5,00,000 each. They admit Champak as a partner with 1/4th share in the profits of the firm. Champak brings Rs. 8,00,000. The Profit and Loss Account showed a credit balance of Rs. 4,00,000 as on the date of admission. The value of hidden goodwill is:
  Rs. 14,00,000
  Rs. 18,00,000
  Rs. 10,00,000