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Class 12 Accountancy Reconstitution - Admission of a Partner Goodwill AccountingHardLevel 21

In goodwill adjustment on admission, if an old partner gains and does not sacrifice, what is the correct conclusion?

Answer and explanation

Correct answer: He will not receive a share of premium

Premium for goodwill is given only to sacrificing partners. An old partner who gains is not entitled to premium.

Tags

gaining partnerpremium entitlementconcept

Frequently asked questions

What is the correct answer to this question?

He will not receive a share of premium

Why is this the correct answer?

Premium for goodwill is given only to sacrificing partners. An old partner who gains is not entitled to premium.

Which subject and chapter does this question cover?

This is a Class 12 Accountancy question. Chapter: Reconstitution - Admission of a Partner. Topic: Goodwill Accounting.

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