Gce Model Questions Vol1 2018 Financial Accounting Question 43
Practice objective / multiple choice question 43 from the 2018 Gce Model Questions Vol1 Financial Accounting examination.
Partners A and B share profits in the ratio 3:2. Their capital balances are \( \text{₦}120,000 \) and \( \text{₦}80,000 \) respectively. The partnership earned a net profit of \( \text{₦}60,000 \) for the year. New partner C is admitted with a one‑quarter (\(\frac14\)) share of future profits and contributes \( \text{₦}80,000 \) as goodwill. Goodwill is to be shared between A and B in the sacrificing ratio. How much goodwill is credited to A's and B's capital accounts?
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About This Question
This is Gce Model Questions Vol1 2018 Financial Accounting Question 43. It is one of the objective questions from the 2018 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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