Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Assertion (A): At the time of admission of a partner, new partner should bring his share in goodwill in cash to compensate the Sacrificing Partner. 64 viewsAnurag Pathak Changed status to publish 4 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Assertion (A): At the time o admission of a partner, the value of the Goodwill of the firm is determined because the new partner compensates the sacrificing partner or partners. 61 viewsAnurag Pathak Changed status to publish 4 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Assertion (A): Admission of a partner leads to dissolution of old firm and bringing new firm into existence. 59 viewsAnurag Pathak Changed status to publish 4 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Assertion (A): Admission of a partner means reconstitution of the partnership whereby old partnership ceases to exist and new partnership comes into existence. 58 viewsAnurag Pathak Changed status to publish 4 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Ganga and Jamuna are partners sharing profits in the ratio of 2 : 1. They admit Saraswati for 1/5th share in future profits. On the date of admission, Ganga’s capital was ₹ 1,02,000 and Jamuna’s Capital was ₹ 73,000. Saraswati brings ₹ 25,000 as her share of goodwill and she agrees to contribute proportionate capital in the new firm. How much capital will be brought by Saraswati? 51 viewsAnurag Pathak Changed status to publish 4 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans 47 viewsAnurag Pathak Changed status to publish 4 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Angle and Circle were partners in a firm. Their Balance Sheet showed Furniture at ₹ 2,00,000; Stock at ₹ 1,40,000; Debtors at ₹ 1,62,000 and Creditors at ₹ 60,000. Square was admitted and new profit sharing ratio was agreed at 2 : 3 : 5. Stock was revalued at ₹ 1,00,000, Creditors of ₹ 15,000 are not likely to be claimed, Debtors for ₹ 2,000 have become irrecoverable and Provision for doubtful debts to be provided @ 10%. Angle’s share in loss on revaluation amount to ₹ 30,000. Revalued value of Furniture will be 45 viewsAnurag Pathak Changed status to publish 4 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans X and Y are partners sharing profits in the ratio of 2 : 1. They admit Z into the partnership for 1/4th share in profits for which he brings ₹ 20,000 as his share of capital. Hence, the adjusted capitals of X and Y will be 40 viewsAnurag Pathak Changed status to publish 4 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Sun and Star were partners in a firm sharing profits in the ratio of 2 : 1. Moon was admitted as a new partner in the firm. New Profit sharing ratio was 3 : 3 : 2. Moon brought the following assets towards his share of goodwill and his capital: 60 viewsAnurag Pathak Changed status to publish 4 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans When the new partner brings cash for goodwill, the amount is credited to 42 viewsAnurag Pathak Changed status to publish 4 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans P and Q are partners in a firm having capitals of ₹ 15,000 each. R is admitted for 1/3rd share for which he has to bring ₹ 20,000 for his share of capital. The amount of goodwill will be 46 viewsAnurag Pathak Changed status to publish 4 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans A and B are partners in a firm having a capital of ₹ 54,000 and ₹ 36,000 respectively. They admitted C for 1/3rd share in the profits. C brought proportionate amount of capital. The capital brought in by C would be 55 viewsAnurag Pathak Changed status to publish 4 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans For which of the following situations, old profit sharing ratio of partners is used at the time of admission of a new partner? 42 viewsAnurag Pathak Changed status to publish 4 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Increase in the value of liabilities at the time of admission of a partner is 52 viewsAnurag Pathak Changed status to publish 4 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Manav and Nath were partners sharing profits and losses in the ratio of 5 : 3. Narayan was admitted as a partner for 1/6th share in the profits. Narayan was unable to bring his share of goodwill premium in cash. The Journal entry recorded for goodwill premium is given below: 55 viewsAnurag Pathak Changed status to publish 4 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Anita and Babita were partners sharing profits and losses in the ratio of 3 : 1. Savita was admitted for 1/4th share in the profits. Savita was unable to bring her share of goodwill premium in cash. The Journal entry recorded for goodwill premium is given below: 54 viewsAnurag Pathak Changed status to publish 5 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Mita and Sumit are partners in a firm with capitals of ₹ 6,00,000 and ₹ 4,00,000 respectively. Keshav was admitted as a new partner for 1/5th share in the profits of the firm. Keshav brought ₹ 40,000 as his share of goodwill premium and ₹ 3,00,000 of his capital. The amount of goodwill premium credited to Sumit will be 61 viewsAnurag Pathak Changed status to publish 5 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Mona and Tina were partners in a firm sharing profits in the ratio of 3 : 2. Naina was admitted with 1/6th share in the profits of the firm. At the time of admission, Workmen’s Compensation Reserve appeared in the Balance Sheet of the firm at ₹ 32,000. The claim on account of workmen’s compensation was determined at ₹ 40,000. Excess of claim over the reserve will be 53 viewsAnurag Pathak Changed status to publish 5 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans When a new partner is admitted, the balance of ‘General Reserve’ appearing in the Balance sheet at the time of admission is credited to 49 viewsAnurag Pathak Changed status to publish 5 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Niyati and Aisha were partners in a firm sharing profits and losses in the ratio of 4 : 3. They admitted Bina as a new partner. Niyati sacrificed 1/4th from her share and Aisha sacrificed 1/7th from her share in favor of Bina. Bina’s share in the profits of the firm will be 64 viewsAnurag Pathak Changed status to publish 5 days ago[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 1 2 … 32 33 Question and answer is powered by anspress.net
