Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Vimal and Nirmal are partners in a firm sharing profits and losses in the ratio of 5 : 3. They admit Kailash into the firm on 1st April 2023, when their Balance Sheet was as follows: 7.45K viewsAnurag Pathak Changed status to publish May 23, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans a) An extract of the Balance Sheet of Murari and Vohra sharing profits and losses in the ratio of 3 : 2 was as under: 5.64K viewsAnurag Pathak Changed status to publish May 23, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans a) X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit W as partner for 1/6th share, Following is the extract of the Balance Sheet on the date of admission: 2.87K viewsAnurag Pathak Changed status to publish May 23, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans X and Y are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April 2023, they admit Z as a partner for 1/5th share in profits. On that date, there was a balance of ₹ 1,50,000 in General Reserve and a debit balance of ₹ 20,000 in the Profit & Loss Account of the firm. Pass necessary Journal entries regarding adjustment of reserve and accumulated profit/loss. 2.59K viewsAnurag Pathak Changed status to publish May 23, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Om and Shiv are partners ina firm sharing profits equally. 4.54K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans At the time of admission of a partner Suresh, assets and liabilities of Ramesh and Naresh were revalued as follows: a) A Provision for Doubtful Debts @ 10% was made on Sundry Debtors (Sundry Debtors ₹ 50,000). b) Creditors were written back by ₹ 5,000. c) Building was appreciated by 20% (Books value of Building ₹ 2,00,000). d) Unrecorded Investments were valued at ₹ 15,000. e) A provision of ₹ 2,000 was made for an Outstanding Bill for repairs. f) Unrecorded Liability towards suppliers was ₹ 3,000. Pass necessary Journal entries. 3.48K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Ashok and Bhaskar are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Chaman as a partner for 1/4th share of profits. At the time of admission of Chaman, Sundry Debtors and Provision for Doubtful Debts existed at ₹ 76,000 and ₹ 8,000 respectively. ₹ 6,000 of the debtors proved bad. A provision of 5% is to be created on Sundry Debtors for Doubtful debts. Pass the necessary Journal entries. 4.52K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a partner for 1/4th share. At the time of admission of Z, Stock (Books value ₹ 1,00,000) is to be reduced by 40% and Furniture (Books Value ₹ 60,000) is to be reduced to 40%. Pass the necessary Journal entries. 2.41K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a partner and fixed new profit sharing ratio as 3 : 2 : 1. At the time of admission of Z, Debtors and Provision for Doubtful Debts existed at ₹ 50,000 and ₹ 5,000 respectively. All debtors are good. Pass the necessary Journal entries. 3.07K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Pass entries in firm’s Journal for the following on admission of a partner: i) Unrecorded Investments of ₹ 20,000 are to be accounted. ii) Unrecorded liability towards suppliers for ₹ 5,000 is to be accounted. iii) An item of ₹ 1,600 included in Sundry Creditors is not likely to be claimed and hence should be written back. 2.04K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Pass entries in the firm’s Journal for the following on admission of a partner: i) Machinery be reduced by ₹ 16,000 and Building be appreciated by ₹ 40,000. ii) A provision be created for Doubtful Debts @ 5% of Debtors amounting to ₹ 80,000. iii) Provisions for warranty claims be increased by ₹ 12,000. iv) Furniture (Books Value ₹ 50,000) is to be reduced by 40%. v) Furniture (Books Value ₹ 50,000) is to be reduced to 40%. 2.72K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Arun and Vijay are partners in a firm sharing profits & loss in the ratio of 3 : 2. 5.72K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans X and Y are equal partners in a firm. They admit Z into partnership and the new profit sharing ratio between X, Y and Z is 4 : 3 : 2. On Z’s admission, goodwill of the firm is valued at ₹ 36,000. Z is unable to bring his share of goodwill premium in cash. Pass necessary Journal entries for treatment of goodwill on Z’s admission by raising and writing off goodwill. 3.76K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Ankit and Bobby are partners sharing profits in the ratio of 2 : 1 with capital of ₹ 7,50,000 and ₹ 5,00,000. They agree to admit Kartik into partnership who brings ₹ 2,50,000 as capital and ₹ 60,000 for 1/4th share of goodwill. Goodwill already appears in the books at ₹ 45,000. Pass the necessary Journal entries by raising and writing off goodwill. Also, prepare Partner’s Capital Accounts. 4.61K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Asin and Shreyas are paratners in a firm. They admit Ajay as a new partner with 1/5th share in the profits of the firm. Ajay brings ₹ 5,00,000 as his share of capital. The value of total assets of the firm was ₹ 15,00,000 and outside liabilities were valued at ₹ 5,00,000. on that date. Give necessary journal entry to record goodwill at the time of Ajay’s admission. Also show your workings. 5.02K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans X and Y are partners with capitals of ₹ 50,000 each. They admit Z as a partner for 1/4th share in the profits of the firm. Z brings in ₹ 80,000 as his share of capital. Profit and Loss Account showed a credit balance of ₹ 40,000 as on date of admission of Z. Give necessary Journal entries to record the goodwill. 3.85K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Bhuwan and Shivam were partners in a firm sharing profits in the ratio of 3 : 2. Their capitals were ₹ 50,000 and ₹ 75,000 respectively. They admitted Atul on 1st April, 2023 as new partner for 1/4th share in future profits. Atul brought ₹ 75,000 as his capital. Calculate the value of goodwill of the firm and record necessary Journal entries for the above transactions on Atul’s admission. 2.96K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Anil and Sunil are partners in a firm with fixed capitals of ₹ 3,20,000 and ₹ 2,40,000 respectively. They admitted Charu as a new partner for 1/4th share in the profits of the firm on 1st April 2012. Charu brought ₹ 3,20,000 as her share of capital. Calculate value of goodwill and record necessary Journal entries. 3.90K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans A and B are partners in a firm with capital of ₹ 60,000 and ₹ 1,20,000 respectively. They decide to admit C into the partnership for 1/4th share in the future profits. C is to bring in a sum of ₹ 70,000 as his capital. Calculate amount of goodwill. 4.01K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans A, B and C are in partnership sharing profits in the ratio of 5 : 4 : 1. Two new partners D and E are admitted and the new profit sharing ratio is 3 : 4 : 2 : 2 : 1. D is to pay ₹ 90,000 for his share of Goodwill but E is unable to bring his share of goodwill. Both the new partners introduced ₹ 1,20,000 each as their capital. You are required to pass the necessary Journal entries. 4.90K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans On the admission of Rao, goodwill of Murty and Shah is valued at ₹ 30,000. Rao is to get 1/4th share of profits. Previously Murty and Shah shared profits in the ratio of 3 : 2. Rao is unable to bring amount of goodwill. Give Journal entries in the books of Murty and Shah when: a) Goodwill does not exist in the books b) Goodwill exists in the books at ₹ 10,000. 3.72K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans A and B are partners sharing profits and losses in the ratio of 3 : 2. They admit C as partners in the firm for 1/4th share in profits which he takes 1/6th from A and 1/12th from B. C brings 60% of his share of the firm’s goodwill. Goodwill of the firm was valued at ₹ 1,00,000. Pass necessary Journal entries to record this arrangement. 4.42K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans A and b are partners sharing profits in the ratio of 2 : 1. They admit C for 1/4th share in profits. C brings in ₹ 30,000 for his capital and ₹ 8,000 out of his share of ₹ 10,000 for goodwill. Before admission, goodwill existed in the books at ₹ 18,000. Pass Journal entries to give effect to the above arrangement. 4.39K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans A and B were partners in a firm sharing profits and losses in the ratio of 3 : 2. They admitted C as a new partner for 3/7th share in the profit and the new profit sharing ratio will be 2 : 2 : 3. C brought ₹ 2,00,000 as his capital and ₹ 1,50,000 as premium for goodwill. Half of their share of premium was withdrawn by A and b from the firm. Calculate sacrificing ratio and pass necessary Journal entries for the above transactions in the books of the firm. 4.53K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Anu and Bhagwan were partners in a firm sharing profits in the ratio of 3 : 1. Goodwill appeared in the books at ₹ 4,40,000. Raja was admitted to the partnership. New profit sharing ratio among Anu, Bhagwan and Raja was 2 : 2 : 1. Raja brought ₹ 1,00,000 for his capital and necessary cash for his goodwill premium. Goodwill of the firm was valued at ₹ 2,50,000. Record necessary Journal entries in the books of the firm for the above transactions. 3.91K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th « Previous 1 2 … 147 148 149 150 151 … 163 164 Next » Question and answer is powered by anspress.net
