Category Admission of Partner Admission of Partner 136 Questions 2 Sub CategoriesAssertion Reason MCQs (Admission)(10)MCQs (Admission)(42) Ask question Search Order By: ActiveClear Filter 0 Votes 1 Ans On 31st March 2017, the Balance Sheet of Abhir and Divya, who were sharing profits in the ratio of 3 : 1 was as follows: 3.91K viewsAnurag Pathak Changed status to publish March 18, 2024[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of Partner 0 Votes 1 Ans Leena and Rohit are partners in a firm sharing profits in the ratio of 3 : 2. On 31st March, 2018, their Balance Sheet was as follows: 4.18K viewsAnurag Pathak Edited comment March 17, 2024[CBSE] DK Goyal SolutionsAccountancy Class 12thAdmission of Partner 0 Votes 1 Ans A and B are partners in a business sharing profits and losses in the ratio of 1/3rd and 2/3rd. On 1st April, 2022, their capitals were ₹ 8,000 and ₹ 10,000 respectively 2.35K viewsAnurag Pathak Changed status to publish December 11, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of Partner 0 Votes 1 Ans Adil and Bhavya are partners sharing profits and losses in the ratio of 7 : 5. They admit Cris, their Manager, into partnership who is to get 1/6th share in the business 3.58K viewsAnurag Pathak Changed status to publish November 12, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of Partner 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: 4.20K 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. 3.47K 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: 2.50K 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: 1.21K 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. 1.75K 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? 1.13K 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? 1.32K 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 1.55K 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. 1.64K 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. 670 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. 549 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. 637 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. 682 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. 1.14K 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. 1.08K 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. 1.02K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerAssertion Reason MCQs (Admission)MCQs (Admission) 1 2 3 … 6 7 Next » Question and answer is powered by anspress.net