Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans At the time of retirement of Mohan, stock is given as ₹ 60,000 in the Balance Sheet of the firm. If stock is undervalued by ₹ 10,000. the Journal entry passed for the above is: 4.10K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans At the time of retirement of a partner, loss on revaluation will be debited to the Capital Accounts of: 2.50K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans At the time of retirement of a partner, profit (gain) on revaluation will be credited to the capital accounts of 2.22K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans Unrecorded assets at the time of retirement of a partner are 2.21K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans At the time of retirement of a partner, compensation paid to sacrificing partner as Goodwill is recorded by passing the following Journal entry: 2.89K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans At the time of retirement of a partner, Goodwill existing in the Balance Sheet is written off by passing the following Journal entry: 2.39K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans Which of the following statement is correct? 2.30K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans Sonu, Monu and Gopal are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. The extract of their Balance Sheet is as follows: 4.13K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans Accumulated losses are: 2.46K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans Accumulated Profits are 2.25K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans Gaining Ratio is calculated as: 2.26K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans Retiring Partner is compensated for foregoing his profit share in favour of all or some of the partners remaining as partners. The compensation is paid by the remaining partners in 2.35K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans Atal and Jawahar are partners with capital of ₹ 1,30,000 and ₹ 90,000 respectively. They admit Mohan as a partner with 1/5th share in the profits fo the firm. Mohan brings in ₹ 80,000 as capital and also his share of goodwill. Goodwill is to be calculated on the basis of Mohan’s share in the profits and capital contributed by him. Pass necessary Journal entries. 3.44K viewsAnurag Pathak Changed status to publish July 1, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Anuj and Vinod are partners in a firm. They admit Samar as a partner for 1/4th share in the profits of the firm. Samar brings ₹ 5,00,000 as his capital. The value of the total assets of the firm is ₹ 13,50,000 and outside liabilities are valued at ₹ 2,50,000 on that date. Calculate Samar’s share of goodwill. 3.78K viewsAnurag Pathak Changed status to publish July 1, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Reema and Seema are partners with capitals of ₹ 50,000 each. They admit Sam as a partner with 1/4th share in the profits of the firm. Sam brings ₹ 80,000 as his share of capital. Profit and Loss Account showed a credit balance of ₹ 40,000 as on date of admission of Sam. Pass necessary Journal entries to record the goodwill. 3.76K viewsAnurag Pathak Changed status to publish July 1, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Rajat and Amar are partners with capitals of ₹ 90,000 respectively. They admit Karan into partnership for 1/5th sahre in the profit of the firm. Karan brings ₹ 80,000 as his capital but is unable to bring for goodwill. Goodwill is to be calculated on the basis of Karan’s share in the profits and the capital contributed by him. Give Journal entries to record the goodwill. 3.74K viewsAnurag Pathak Changed status to publish July 1, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Arun, Arvind and Alok are in partnership sharing profits and losses in the ratio of 5 : 4 : 1. Two new partners Ankur and Aseem are admitted. 4.27K viewsAnurag Pathak Changed status to publish July 1, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Nimrat and Rantej are partners in a firm sharing profits and losses in the ratio of 5 : 3. Anahat is admitted as a new partner for 1/8th share in the profits of the firm. Anahat brings ₹ 80,000 as her capital but is not able to bring amount of goodwill. Goodwill of the firm is valued at ₹ 60,000. It is decided that new profit sharing ratio will 9 : 5 : 2. Pass necessary Journal entry for the adjustment of goodwill. 4.52K viewsAnurag Pathak Changed status to publish July 1, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Nidhi and Preeti are partners sharing profits and losses in the ratio of 3 : 2. They admit Gurman into the firm for 1/4th share in profits which he gets 1/6th from Nidhi and 1/12th from Preeti. Gurman brings in 60% of his share of firm’s goodwill. Goodwill of the firm is valued at ₹ 1,00,000. Pass necessary Journal entries to record this arrangement. 5.62K viewsAnurag Pathak Changed status to publish June 28, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans James and Thomas are partners in a firm sharing profits and losses in the ratio of 3 : 1. They admit Michael as a partner for 1/3rd share in the profits of the firm. 4.50K viewsAnurag Pathak Changed status to publish June 28, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Rao and Reddy are in partnership sharing profits and losses in the ratio of 5 : 3. Kutty is admitted as a partner paying ₹ 40,000 as capital and the necessary amount of goodwill which is valued at ₹ 60,000 for the firm. 4.21K viewsAnurag Pathak Changed status to publish June 28, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Ajay and Alok are partners sharing profits and losses in the ratio of 2 : 1. They admit Anil, their Manager, into partnership who is to get 1/3rd share in the business. Anil brings ₹ 10,000 for his capital and ₹ 3,000 for 1/3rd share of goodwill. Ajay, Alok and Anil agree to share future profits equally. The amount of goodwill is withdrawn from the business. Make necessary Journal entries in connection with Anil’s admission. 4.20K viewsAnurag Pathak Changed status to publish June 28, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Sachin and Kapil are partners sharing profits and losses in the ratio of 2 : 3. On 1st April, 2023, they admit Amit into partnership for 1/4th share in profits. Amit brought ₹ 2,00,000 for his capital and ₹ 36,000 as premium for his share in the profits. 5.01K viewsAnurag Pathak Changed status to publish June 28, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Pankaj and Lalit are partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2023, they admit Jatinder as a partner for 1/4th share in the profits. 4.44K viewsAnurag Pathak Changed status to publish June 27, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Following is the Balance Sheet as at 1st April, 2023 of Sushil and Satish who are in partnership sharing profits and losses in the ratio of 5 : 2. 4.86K viewsAnurag Pathak Changed status to publish June 27, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th « Previous 1 2 … 153 154 155 156 157 … 175 176 Next » Question and answer is powered by anspress.net
