Ask question Search Order By: ActiveCategoryClear Filter 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. 8.28K 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. 11.50K 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? 9.61K 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. 11.55K 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. 7.32K 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. 7.84K 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. 12.17K 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? 5.67K 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. 6.75K 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. 4.97K 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. 11.68K 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. 8.16K 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. 5.59K viewsAnurag Pathak Changed status to publish May 14, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans P and Q were partners in a firm sharing profits in a ratio of 5 : 3. R was admitted for 1/4th share in the profits, of which he took 75% from P and the remaining from Q. Calculate the sacrificing ratio of P and Q. 11.19K viewsAnurag Pathak Changed status to publish May 14, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans S, B and J were partners in a firm. T was admitted as a partner in the partnership firm for 1/5th share of profits. Calculate the sacrificing ratio of S, B and J. 9.57K viewsAnurag Pathak Changed status to publish May 14, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Bharati and Astha were partners sharing profits in the ratio of 3 : 2. They admitted Dinkar as a partner for 1/5th share in the future profits of the firm which he got equally from Bharati and Astha. Calculate the new profit-sharing ratio of Bharati, Astha, and Dinkar. 6.07K viewsAnurag Pathak Changed status to publish May 14, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. They admitted D as a new partner for 1/8th share in the profits, which he acquired 1/16th from B and 1/16th from C. Calculate the new profit sharing ratio of A, B and C and D. 7.84K viewsAnurag Pathak Changed status to publish May 14, 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 proportion of 7 : 5. They agree to admit C, their manager, into partnership who is to get 1/6th share in the profits. He takes this share as 1/24th from A and 1/8th from B. Calculate new profit sharing ratio. 6.58K viewsAnurag Pathak Changed status to publish May 14, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Girija, Yatin, and Zubin are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit Suresh into the partnership and give him 1/5th share of profits. Find the new profit-sharing ratio. 10.92K viewsAnurag Pathak Changed status to publish May 14, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Janak, Chaman, and Anmol are partners sharing profits and losses in the ratio of 3 : 2 : 1. They decide to change their profit sharing ratio to 2 : 2 : 1. To give effect to this new profit sharing ratio, they decided to value goodwill at ₹ 60,000. 4.70K viewsAnurag Pathak Changed status to publish May 12, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans X, Y and Z who are presently sharing profits and losses in the ratio of 5 : 3 : 2 decide to share future profits & losses equally with effect from 1st April, 2023. 5.03K viewsAnurag Pathak Changed status to publish May 12, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Sonu, Sumit and Sahil are partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They decide to share profits and losses in the ratio of 2 : 5 : 3 with effect from 1st April, 2023. Land (having book value of ₹ 1,00,000) was found undervalued by ₹ 5,00,000. 5.69K viewsAnurag Pathak Changed status to publish May 7, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Arrange the following steps in their ascending order in the context of the reconstitution of the partnership: 3.75K viewsAnurag Pathak Changed status to publish May 7, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Atul, Madan and Mohan sharing profits and Losses in the ratio of 3 : 2 : 1 decide to share profits and losses equally w.e.f 1st April, 2023. Their Balance Sheet shows investment (at cost) at ₹ 3,50,000 and Investment Fluctuation Reserve at ₹ 60,000. 4.53K viewsAnurag Pathak Changed status to publish May 7, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans P, Q, and R who are presently sharing profits and losses in the ratio of 5 : 4 : 1, decide to share future profits & Losses equally. The Balance Sheet shows the General Reserve of ₹ 80,000 and the Profit and Loss Account (Dr. Balance) of ₹ 20,000. The adjustment entry to give effect to the above without disturbing balances of General Reserve and Profit & Loss A/c is: 4.40K viewsAnurag Pathak Changed status to publish May 7, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) « Previous 1 2 … 163 164 165 166 167 … 177 178 Next » Question and answer is powered by anspress.net
