Category Admission of Partner Admission of Partner 137 Questions 2 Sub CategoriesAssertion Reason MCQs (Admission)(10)MCQs (Admission)(42) Ask question Search Order By: ActiveClear Filter 0 Votes 1 Ans Sushil and Satish are partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2023 was as follows: 2.07K viewsAnurag Pathak Changed status to publish June 25, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of Partner 0 Votes 1 Ans Following is the Balance Sheet of Jay and Veeru as at 31st March, 2023 who are partners in a firm sharing profits and losses in the ratio of 3 : 2 respectively. 1.67K viewsAnurag Pathak Changed status to publish June 12, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of Partner 0 Votes 1 Ans Kavi and Ravi were partners in a firm sharing profits in the ratio of 5 : 3. On 31st March, 2023, they admitted Chhavi as a partner for 1/5th share in the profit. On Chhavi’s admission, the Balance Sheet of the firm was as follows: 1.05K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans On the date of Shiv’s admission, an extract of the Balance Sheet of Ram and Mohan sharing profits and losses in the ratio of 3 ; 2 was as under: 632 viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Amol and Ameet are partners sharing profits and losses in the ratio of 2 : 1. They admit Atul for 1/4th share. For the purpose of admission of Atul, goodwill of the firm is to be valued on the basis of 2 year purchase of Average Super Profit of last four years. The normal rate of return in their business is 12% on capital employed. 709 viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Which of the following statement is wrong in the context of admission of a partner? 513 viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans X and Y are partners sharing profits and losses in the ratio of 3 : 2. X’s Capital is ₹ 3,00,000 and Y’s capital is ₹ 1,50,000. They admitted Z and agreed to give 1/5th share of profit to him. How much Z should bring towards his capital? 646 viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Amit and Vidya are partners in a firm. They admit Sanjana as a partner with 1/4th share in the profits of the firm. Sanjana brings ₹ 2,00,000 as her share of capital. The value of the total assets of the firm is ₹ 5,40,000 and outside liabilities are valued at ₹ 1,00,000 on that date. Sanjana’s share of goodwill is 816 viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerAssertion Reason MCQs (Admission) 0 Votes 1 Ans Parvan and Rahim are partners sharing profits and losses in the ratio of 3 : 2. karan is admitted as a partner with 1/4th share in profits. karan was unable to bring his share of goodwill premium in cash. 742 viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans 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. 265 viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerAssertion Reason MCQs (Admission) 0 Votes 1 Ans 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. 229 viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerAssertion Reason MCQs (Admission) 0 Votes 1 Ans 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. 209 viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerAssertion Reason MCQs (Admission) 0 Votes 1 Ans 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. 293 viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerAssertion Reason MCQs (Admission) 0 Votes 1 Ans Assertion (A): General Reserve is not distributed among the old partners but is carried forward in the Balance Sheet prepared after the admission of a partner. 491 viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerAssertion Reason MCQs (Admission) 0 Votes 1 Ans Assertion (A): Admission of a partner means reconstitution of the partnership whereby old partnership ceases to exist and new partnership comes into existence. 449 viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerAssertion Reason MCQs (Admission)MCQs (Admission) 0 Votes 1 Ans Assertion (A): Admission of a partner leads to dissolution of old firm and bringing new firm into existence. 495 viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerAssertion Reason MCQs (Admission)MCQs (Admission) 0 Votes 1 Ans Assertion (A): At the time of admission of a partner, new partner should bring his share in goodwill in cash to compensate the Sacrificing Partner. 431 viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerAssertion Reason MCQs (Admission)MCQs (Admission) 0 Votes 1 Ans 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. 255 viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerAssertion Reason MCQs (Admission) 0 Votes 1 Ans Assertion (A): At the time o admission of a partner, the value of the Goodwill of the firm is determined because the new partner compensates the sacrificing partner or partners. 370 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Ganga and Jamuna are partners sharing profits in the ratio of 2 : 1. They admit Saraswati for 1/5th share in future profits. On the date of admission, Ganga’s capital was ₹ 1,02,000 and Jamuna’s Capital was ₹ 73,000. Saraswati brings ₹ 25,000 as her share of goodwill and she agrees to contribute proportionate capital in the new firm. How much capital will be brought by Saraswati? 984 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 1 2 3 … 6 7 Next » Question and answer is powered by anspress.net
