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Ans – b) Solution:- Calculation of the new profit-sharing ratio Old Ratio = 3 : 2 Z admitted for 1/5th share Remaining Share = 1 – 1/5 = 4/5 X’s Share in new firm = 4/5 × 3//5 = 12/25…
Ans – C) Solution:- Combined adjusted capital of the old partners = ₹ 1,00,000 + ₹ 50,000 = ₹ 1,50,000 Combined Profit share of the old partners = 1 – 1/5 = 4/5 Total Capital of the firm = 1,50,000…
Ans – a) Explanation:- Existing Goodwill was purchased before the admission of the new partner. Thus it must be written off in the old profit-sharing ratio at the time of admission of the new partner.
Ans – i) – C, ii) – A Explanation:- (i) As it is the reduction in the book value of Plant and Machinery. The plant and machinery would be debited to Revaluation Account. (ii) Increase in creditors is debited to…
Ans – b) All unrecorded assets are credited to Revaluation Account at the time of reconstituted of the partnership firm.
Ans – b) Explanation:- At the time of change in profit sharing ratio. The revaluation of Assets and liabilities is carried out. Thus all unrecorded assets are credited and liabilities are debited to the revaluation account. The final revaluation profit…
Ans – d) Solution:- in the absence of any further information, Old ratio is the sacrificing ratio i.e. 1 : 1 Thus Aditya will get 1,20,000 × 1/2 = ₹ 60,000
Ans – a) Solution:- Let the share of C be X he takes 1/4 of his share from A = 1/4X B gives 3/16 from his share to C Thus as per the Question X = 1/4X + 3/16 X…
Ans – C) Solution:- Old Profit sharing Ratio of Shiv and Mohan = 5 : 3 Jea admitted for 3/10 Jea get his share 1/5 from Shiv and 1/10 from Mohan. Shiv new share = 5/8 – 1/5 = 25…
Ans – a) Explanation:- Old ratio of X and Y = 3 : 2 Z admitted for 2/10 share Remaining share = 1 – 2/10 = 8/10 Remaining share would be shared by old partners in their old profit sharing…