Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Rajan and Simrat are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Rakesh as a new partner and fixed the new profit sharing ratio as 3 : 2 : 1. At the time of admission of Rakesh, Debtors and Provision for Doubtful Debts appeared at ₹ 50,000 and ₹ 5,000 respectively. All Debtors are good. Pass the necessary Journal entries. 2.67K viewsAnurag Pathak Changed status to publish July 11, 2023[ISC] Admission of Partner[ISC} TS Grewal Solutions 0 Votes 1 Ans Pass entries in firm’s Journal for the following on admission of a partner: (i) Unrecorded Investments of ₹ 20,000. (ii) Unrecorded liability towards suppliers for ₹ 5,000. (iii) An item of ₹ 1,600 included in Sundry Creditors is not likely to be claimed and hence should be written back. 1.69K viewsAnurag Pathak Changed status to publish July 11, 2023[ISC] Admission of Partner[ISC} TS Grewal Solutions 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) Provision for Warranty claims be increased by ₹ 12,000. 2.12K viewsAnurag Pathak Changed status to publish July 11, 2023[ISC] Admission of Partner[ISC} TS Grewal Solutions 0 Votes 1 Ans Lisa, Monika and Nisha were partners in a firm sharing profits & Losses in the ratio of 5 : 3 : 2. On 31st March 2023, their Balance Sheet was as follows: 4.88K viewsAnurag Pathak Changed status to publish July 11, 2023Accountancy Class 12thRetirement of Partner 0 Votes 1 Ans Aditi, Bhavya and Cris are partners in a firm sharing profits in the ratio of 3 : 2 : 1. Bhavya retires from the firm on 31st March 2023. For the purpose of Bhavya’s retirement, goodwill of the firm has been valued at ₹ 10,800. Aditi and Cris decide to share future profits equally. 3.34K viewsAnurag Pathak Changed status to publish July 11, 2023Accountancy Class 12thRetirement of Partner 0 Votes 1 Ans X, Y and Z are partners in a firm sharing profits in the ratio of 2 : 2 : 1 respectively. Y retires and X and Z decide to share future profit & Losses in the ratio of 3 : 5. 3.33K viewsAnurag Pathak Changed status to publish July 11, 2023Accountancy Class 12thMCQs (Retirement)Retirement of Partner 0 Votes 1 Ans Jaspal and Rosy are partners in a firm sharing profits and losses in the ratio of 2 : 1. Following is their Balance sheet as at 1st April, 2023: 3.63K viewsAnurag Pathak Changed status to publish July 3, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Yogesh, Mahesh and Ashish are partners sharing profits and losses in the ratio of 1 : 2 : 3. Nirdosh is admitted as a partner who brings ₹ 50,000 as his capital for 1/5th share in the profit 3.25K viewsAnurag Pathak Changed status to publish July 3, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Abek and Aman are partners sharing profits and losses in the ratio of 3 : 1. They admit Anand as partner who pays ₹ 30,000 as capital. Anand is to bring cash for his share of goodwill. 3.35K viewsAnurag Pathak Changed status to publish July 3, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Vidya and Jyoti sharing profits equally admit Kalam for 1/5th share in profits. Kalam pays ₹ 50,000 for goodwill out of his share of ₹ 90,000. Goodwill exists in the Balance Sheet at ₹ 1,60,000. Pass Journal entries. 3.56K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans Balance Sheet as at 31st March, 2023 of Sonam and Shilpa sharing profits in the ratio of 3 : 2 was: 3.74K viewsAnurag Pathak Changed status to publish July 3, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Amar, Akash and Arvind are partners. on the retirement of Akash, Workmen Compensation Reserve has a balance of ₹ 1,50,000. There is a claim of ₹ 37,500 against it. How much amount will be transferred to Akash’s Capital in respect of Workmen Compensation Reserve? a) Nil 2.90K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement)Retirement of Partner 0 Votes 1 Ans Assertion (A): Admission of a partner means reconstitution of the partnership whereby old partners ceases to exist and new partnership comes into existence 2.27K viewsAnurag Pathak Changed status to publish July 3, 2023[CBSE] TS Grewal Solutions 0 Votes 1 Ans The retirement of a partner is a situation for the continuing partners which is known as 2.21K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement)Retirement of Partner 0 Votes 1 Ans Assertion (A): At the time of retirement of a partner, the remaining partners may decide to adjust their capital in their new profit sharing ratio. 2.75K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement)Retirement of Partner 0 Votes 1 Ans At the time of retirement of a partner, if there is undistributed profit in the Balance Sheet of the firm, it 2.04K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement)Retirement of Partner 0 Votes 1 Ans Capital Balances of X, Y and Z sharing profits and losses in proportion to their capitals stood as follows: 2.67K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans X, Y and Z are partners sharing profits and losses in the ratio of 4/9 : 1/3 : 2/9. Y retires and gives 1/9th of his share in favour of X and remaining in favour of Z. The new profit sharing ratio will be 4.00K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans Retiring partner is compensated for sacrificing profit share in favour of remaining partners. In what ratio do the remaining partners contribute to such compensation amount? 2.30K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans Assertion (A): At the time of retirement of a partner, if the retiring partner is paid more amount than due to him, the difference amount is goodwill paid based on valuation. 2.81K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thAssertion Reason (Retirment)Retirement of Partner 0 Votes 1 Ans Assertion (A): Amount due to the retiring partner is always transferred to his loan account. 2.74K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thAssertion Reason (Retirment)Retirement of Partner 0 Votes 1 Ans Assertion (A): At the time of retirement of a partner, assets are revalued and liabilities are reassessed to ensure that the retiring partner is neither at an advantage nor at loss due to change in values of assets and liabilities. 2.68K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thAssertion Reason (Retirment)Retirement of Partner 0 Votes 1 Ans Assertion (A): At the time of retirement of a partner, the combined profit share of the remaining or continuing partners increases. 3.03K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thAssertion Reason (Retirment)Retirement of Partner 0 Votes 1 Ans Assertion (A): At the time of retirement of a partner, besides the Retiring partner, if a continuing partner also sacrifices his profit share, he along with the retiring partner will get share in firm’s goodwill equal to the profit share sacrificed. 2.67K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thAssertion Reason (Retirment)Retirement of Partner 0 Votes 1 Ans Assertion (A): Retiring partner will not get share in firm’s goodwill on his retirement from the firm. 2.61K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thAssertion Reason (Retirment)Retirement of Partner « Previous 1 2 … 149 150 151 152 153 … 173 174 Next » Question and answer is powered by anspress.net
