Ask question Search Order By: ActiveCategoryClear Filter 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. 4.36K 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. 5.28K 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. 4.02K 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. 4.60K 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. 4.63K 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. 4.90K 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. 4.08K 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 sharing profits and losses in the ratio of 3 : 2. They admit C into partnership for 1/5th share. C brings ₹ 30,000 as capital and ₹ 10,000 as goodwill. At the time of admission of C, goodwill appeared in the Balance Sheet of A and B at ₹ 3,000. New Profit sharing ratio of the partners will be 5 : 3 : 2. Pass necessary Journal entries. 4.65K viewsAnurag Pathak Changed status to publish May 18, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans A and B are in partnership sharing profits and losses in the ratio of 5 : 3. C is admitted as a partner who pays ₹ 40,000 as capital and the necessary amount of goodwill which is valued at ₹ 60,000 for the firm. His share of profits will be 1/5th which he takes 1/10th from A and 1/10th from B. Pass Journal entries and also calculate future profit sharing ratio of the partners. 4.80K viewsAnurag Pathak Changed status to publish May 18, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Geeta and Sunita are partners in a firm sharing profits in the ratio of 3 : 2. They admit Anita as a new partner. The new profit sharing ratio between Geeta, Sunita and Anita will be 5 : 3 : 2. Anita brought in ₹ 25,000 for her share of premium for goodwill. Pass necessary Journal entries for the treatment of goodwill. 6.31K viewsAnurag Pathak Changed status to publish May 18, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans B and C are in partnership sharing profits and losses as 3 : 1. They admit D as partner in the firm, D pays premium of ₹ 15,000 for 1/3rd share of the profits. As between themselves, B and C agree to share future profits and losses equally. Draft Journal entries showing appropriations of the premium money. 5.22K viewsAnurag Pathak Changed status to publish May 18, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Profits of a firm for the year ended 31st March for the last five years were: 4.45K viewsAnurag Pathak Changed status to publish May 18, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Pass Journal entries to record the following arrangments in the books of the firm: a) B and C are partners sharing profits in the ratio of 3 : 2. D is admitted paying a premium (goodwill) of ₹ 2,000 for 1/4th share of the profits, shares of B and C remain as before. b) B and C are partners sharing profits in the ratio of 3 : 2. D is admitted paying a premium of ₹ 2,100 for 1/4th share of profits which he acquires 1/6th from B and 1/12th from C. 4.91K viewsAnurag Pathak Changed status to publish May 17, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Vimal and Nirmal are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner Kailash is admitted. Vimal gives 1/5th of his share and Nirmal gives 2/5th of his share in favour of Kailash. For the purpose of Kailash’s admission, goodwill of the firm is valued at ₹ 75,000 and Kailash brings his share of goodwill in cash which is retained in the business. Journalise the above transactions. 7.12K viewsAnurag Pathak Changed status to publish May 17, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Gold and Silver are partners sharing profits and losses in the ratio of 2 : 5. They admit copper on the condition that he will bring ₹ 14,000 as his share of goodwill to be distributed between Gold and Silver. Copper’s share in the future profits or losses will be 1/4th. What will be the new profit sharing ratio and what amount of goodwill brought in by Copper will be received by Gold and Silver? 6.43K viewsAnurag Pathak Changed status to publish May 17, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Amit and Vidya are partners sharing profits in the ratio of 3 : 2. They admit Chintan into partnership who acquires 1/5th of his share from Amit and 4/25th share from vidya. Calculate New Profit sharing ratio and Sacrificing Ratio. 6.81K viewsAnurag Pathak Changed status to publish May 16, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans A, B, C and D are in partnership sharing profits and losses in the ratio of 36 : 24 : 20 : 20 respectively. E joins the partnership for 20% share and A, B, C and D in future would share profits among themselves as 3/10 : 4/10 : 2/10 : 1/10. Calculate new profit sharing ratio after E’s admission. 4.08K viewsAnurag Pathak Changed status to publish May 16, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans A, B and C are partners sharing profits in the ratio of 2 : 2 : 1. D is admitted as a new partner for 1/6th share. C will retain his original share. Calculate the new profit-sharing ratio and sacrificing ratio. 4.58K viewsAnurag Pathak Changed status to publish May 16, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Gautam and Yashica are partners sharing profits and losses in the ratio of 3 : 2. They admit Asma into partnership. Gautam gives 1/3rd of his share while Yashica gives 1/10th from his share to Asma. Calculate new profit-sharing ratio and sacrificing ratio. 7.27K viewsAnurag Pathak Changed status to publish May 16, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans A, B and C are partners sharing profits in the ratio of 4 : 3 : 2. D is admitted for 1/3rd share in future profits. What is the sacrificing ratio? 3.12K viewsAnurag Pathak Changed status to publish May 16, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Karim and Rehman are partners profits in the ratio of 3 : 2. Naval is admitted as a partner. New profit sharing ratio among karim, Rehman and Naval is 4 : 3 : 2. Find the sacrificing ratio. 4.52K viewsAnurag Pathak Changed status to publish May 16, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Rakesh and Suresh are sharing profits in the ratio of 4 : 3. Zaheer joins and the new ratio among Rakesh, Suresh and Zaheer is 7 : 4 : 3. Find out the sacrificing ratio. 2.80K viewsAnurag Pathak Changed status to publish May 16, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Mahi and Rajat were in partnership sharing profits and losses in the ratio of 4 : 3. They admitted Kripa as a new partner. Kripa brought ₹ 60,000 as her share of goodwill premium which was entirely credited to Mahi’s Capital Account. On the date of admission, goodwill of the firm was valued at ₹ 4,20,000. Calculate the new profit-sharing ratio of Mahi, Rajat, and Kripa. 6.79K viewsAnurag Pathak Changed status to publish May 14, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Find the New Profit Sharing Ratio: i) R and T are partners in a firm sharing profits in the ratio of 3 : 2. S joins the firm, R surrenders 1/4th of his share and T 1/5th of his share in favour of S. ii) A and B are partners. They admit C for 1/4th share. In future, the ratio between A and B would be 2 : 1. iii) A and B are partners sharing profits and losses in the ratio of 3 : 2. They admit C for 1/5th share in the profit. C acquires 1/5th of his share from A and 4/5th share from B. 5.07K viewsAnurag Pathak Changed status to publish May 14, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Kabir and Farid are partners in a firm sharing profits and losses in the ratio of 7 : 3. Kabir surrenders 2/10th from his share and Farid surrenders 1/10th from his share in favour of Jyoti; the new partner. Calculate new profit-sharing ratio and sacrificing ratio. 3.77K viewsAnurag Pathak Changed status to publish May 14, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th « Previous 1 2 … 154 155 156 157 158 … 169 170 Next » Question and answer is powered by anspress.net
