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 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. 743 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. 603 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. 709 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. 743 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. 1.21K 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. 1.14K 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. 1.08K 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): At the time of admission of a partner, new partner should bring his share in goodwill in cash to compensate the Sacrificing Partner. 1.25K 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. 673 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. 802 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? 2.71K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans 540 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Angle and Circle were partners in a firm. Their Balance Sheet showed Furniture at ₹ 2,00,000; Stock at ₹ 1,40,000; Debtors at ₹ 1,62,000 and Creditors at ₹ 60,000. Square was admitted and new profit sharing ratio was agreed at 2 : 3 : 5. Stock was revalued at ₹ 1,00,000, Creditors of ₹ 15,000 are not likely to be claimed, Debtors for ₹ 2,000 have become irrecoverable and Provision for doubtful debts to be provided @ 10%. Angle’s share in loss on revaluation amount to ₹ 30,000. Revalued value of Furniture will be 2.97K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Sun and Star were partners in a firm sharing profits in the ratio of 2 : 1. Moon was admitted as a new partner in the firm. New Profit sharing ratio was 3 : 3 : 2. Moon brought the following assets towards his share of goodwill and his capital: 2.93K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans When the new partner brings cash for goodwill, the amount is credited to 746 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans P and Q are partners in a firm having capitals of ₹ 15,000 each. R is admitted for 1/3rd share for which he has to bring ₹ 20,000 for his share of capital. The amount of goodwill will be 2.12K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans A and B are partners in a firm having a capital of ₹ 54,000 and ₹ 36,000 respectively. They admitted C for 1/3rd share in the profits. C brought proportionate amount of capital. The capital brought in by C would be 2.24K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans For which of the following situations, old profit sharing ratio of partners is used at the time of admission of a new partner? 551 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Increase in the value of liabilities at the time of admission of a partner is 609 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Manav and Nath were partners sharing profits and losses in the ratio of 5 : 3. Narayan was admitted as a partner for 1/6th share in the profits. Narayan was unable to bring his share of goodwill premium in cash. The Journal entry recorded for goodwill premium is given below: 1.46K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) « Previous 1 2 3 4 … 6 7 Next » Question and answer is powered by anspress.net
