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Assertion (A): Anahat and Parminder are partners sharing profits in the ratio of 2 : 1. They admit Rubayat as partner w.e.f. 1st January, 2021. On that date, Goodwill existed in the books at ₹ 1,00,000. Goodwill of ₹ 50,000 was written off by debiting capital accounts of Anahat and Parminder in the ratio of 2 : 1. While balance goodwill was carried forward in the Balance Sheet.

Ans – d) Explanation:- Existing goodwill is purchased goodwill in the past. at it belongs to only old partners. thus at the time of admission of a new partner. it is completely written off from the books by debiting old…

Assertion (A): Gurman and Ravi are equal partners. They admitted Param as a partner and their new profit-sharing ratio was 2 : 2 : 1. They revalued the assets and reassessed their liabilities. They did so because a new partner should not be at an advantage or disadvantage.

Ans – b) Explanation:- The change in assets and liabilities belongs to the before admission of Param, thus final change is distributed to the old partners in old ratio so that new partner is not advantage or disadvantage.

Assertion (A): Parul and Paresh are partners sharing profits equally. They admit Prema for 1/4th share in future profits. On the date of admission, Workmen Compensation Reserve existed in the books at ₹ 1,00,000. A claim of ₹ 1,50,000 was made by a worker and was to be accounted. The existing reserve of ₹ 1,00,000 will be distributed between Parul and Paresh and ₹ 1,50,000 being the claim amount will be transferred to the debit of Revaluation Account.

Ans – d) Explanation:- Workmen’s compensation claim is adjusted through the workmen compensation Reserve. any excess is transferred to the debit side of the Revaluation Account.

Assertion (A): Ajay and Akansha are partners sharing profits in the ratio of 3 : 2. General Reserve existed in the books at ₹ 1,00,000. They admitted Amit as a partner for 2/5th share in profits. ₹ 50,000 was transferred to Workmen Compensation Reserve and the balance was transferred to the Capital Accounts of Ajay and Akansha in the ratio of 3 : 2.

Ans – a) Explanation:- General Reserve can be used for any purpose. Thus, the amount can be transferred to Workmen Compensation Reserve and rest is distributed to old partners in old ratio as it is part of past profits.

Assertion (A): Ajeet and Akash are partners sharing profits in the ratio of 3 : 2. They admit Prakash as a new partner for 1/4th share. Goodwill is valued at ₹ 1,00,000 and the new Partner will compensate both Ajeet and Akash by crediting ₹ 25,000 in the ratio of 3 : 2.

Ans – b) Explanation:- In the absence of any further information sacrificing ratio is always equal to old ratio. the prakash would bring 1/4th of ₹ 1,00,000 as premium of goodwill. It would be credited to sacrificing partners, Ajeet and…