A and B share profits 3:2. They admit C with 1/5th share. C brings ₹30,000 as capital and ₹10,000 as goodwill. The total goodwill of the firm is: MCQ with Answer and Explanation

Explanation:
The dual aspect concept states that every transaction has two aspects, which forms the basis of the accounting equation: Assets = Liabilities + Capital.

Explanation:
Transfer vouchers (or non-cash vouchers) are used to record non-cash transactions like credit sales, credit purchases, and depreciation.

Explanation:
Lease liability is initially measured at present value of future lease payments.