At the time of admission of a new partner in the firm, the new partner compensates the old partners for their loss of share in the Super Profits of the firm for which he brings in an additional amount which is known as__. (CBSE 2020) Post category:Accountancy Reading time:1 mins read SOLUTION Goodwill or Premium for Goodwill. Please Share This Share this content Opens in a new window Twitter Opens in a new window Facebook Opens in a new window Google+ Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostWhy should a new partner contribute towards goodwill on his admission? (Delhi 2017 C) Next PostWhat is meant by New Profit-sharing Ratio in case of admission of a partner? You Might Also Like What is the numerator to be used in Trade Receivables Turnover Ratio? October 3, 2022 X and Y are partners sharing profits and losses in the ratio of 2: 3 with capitals Rs. 2,00,000 and Rs. 3,00,000 respectively. On 1st October, 2018, X and Y gave loans of Rs. 80,000 and Rs. 40,000 respectively to the firm. Show distribution of profits/losses for the year ended 31st March, 2019 in each of the following alternative cases: Case 1: If the profits before interest for the year amounted to Rs. 21,000. Case 2: If the profits before interest for the year amounted to Rs. 3,000. Case 3: If the profits before interest for the year amounted to Rs. 5,000. Case 4: If the loss before interest for the year amounted to Rs. 1,400. July 20, 2022 Chhavi and Neha were partners in a firm sharing profits and losses equally. Chhavi withdrew a fixed amount of Rs. 6,000 at the beginning of each quarter. Interest on drawings is charged @ 6% p.a. Pass necessary journal entry for charging interest on drawings at the end of the year. (C.B.S.E. 2019, M.P.) September 26, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.