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Category [CBSE] Admission of Partner

[CBSE] Admission of Partner 141 Questions

2 Sub Categories

0 Votes 1 Ans

X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a partner for 1/4th share. At the time of admission of Z, Stock (Books value ₹ 1,00,000) is to be reduced by 40% and Furniture (Books Value ₹ 60,000) is to be reduced to 40%. Pass the necessary Journal entries.

2.33K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a partner and fixed new profit sharing ratio as 3 : 2 : 1. At the time of admission of Z, Debtors and Provision for Doubtful Debts existed at ₹ 50,000 and ₹ 5,000 respectively. All debtors are good. Pass the necessary Journal entries.

2.98K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Pass entries in firm’s Journal for the following on admission of a partner: i) Unrecorded Investments of ₹ 20,000 are to be accounted. ii) Unrecorded liability towards suppliers for ₹ 5,000 is to be accounted. iii) An item of ₹ 1,600 included in Sundry Creditors is not likely to be claimed and hence should be written back.

1.96K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Pass entries in the firm’s Journal for the following on admission of a partner: i) Machinery be reduced by ₹ 16,000 and Building be appreciated by ₹ 40,000. ii) A provision be created for Doubtful Debts @ 5% of Debtors amounting to ₹ 80,000. iii) Provisions for warranty claims be increased by ₹ 12,000. iv) Furniture (Books Value ₹ 50,000) is to be reduced by 40%. v) Furniture (Books Value ₹ 50,000) is to be reduced to 40%.

2.64K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Arun and Vijay are partners in a firm sharing profits & loss in the ratio of 3 : 2.

5.57K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

X and Y are equal partners in a firm. They admit Z into partnership and the new profit sharing ratio between X, Y and Z is 4 : 3 : 2. On Z’s admission, goodwill of the firm is valued at ₹ 36,000. Z is unable to bring his share of goodwill premium in cash. Pass necessary Journal entries for treatment of goodwill on Z’s admission by raising and writing off goodwill.

3.66K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Ankit and Bobby are partners sharing profits in the ratio of 2 : 1 with capital of ₹ 7,50,000 and ₹ 5,00,000. They agree to admit Kartik into partnership who brings ₹ 2,50,000 as capital and ₹ 60,000 for 1/4th share of goodwill. Goodwill already appears in the books at ₹ 45,000. Pass the necessary Journal entries by raising and writing off goodwill. Also, prepare Partner’s Capital Accounts.

4.52K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Asin and Shreyas are paratners in a firm. They admit Ajay as a new partner with 1/5th share in the profits of the firm. Ajay brings ₹ 5,00,000 as his share of capital. The value of total assets of the firm was ₹ 15,00,000 and outside liabilities were valued at ₹ 5,00,000. on that date. Give necessary journal entry to record goodwill at the time of Ajay’s admission. Also show your workings.

4.88K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

X and Y are partners with capitals of ₹ 50,000 each. They admit Z as a partner for 1/4th share in the profits of the firm. Z brings in ₹ 80,000 as his share of capital. Profit and Loss Account showed a credit balance of ₹ 40,000 as on date of admission of Z. Give necessary Journal entries to record the goodwill.

3.73K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Bhuwan and Shivam were partners in a firm sharing profits in the ratio of 3 : 2. Their capitals were ₹ 50,000 and ₹ 75,000 respectively. They admitted Atul on 1st April, 2023 as new partner for 1/4th share in future profits. Atul brought ₹ 75,000 as his capital. Calculate the value of goodwill of the firm and record necessary Journal entries for the above transactions on Atul’s admission.

2.90K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Anil and Sunil are partners in a firm with fixed capitals of ₹ 3,20,000 and ₹ 2,40,000 respectively. They admitted Charu as a new partner for 1/4th share in the profits of the firm on 1st April 2012. Charu brought ₹ 3,20,000 as her share of capital. Calculate value of goodwill and record necessary Journal entries.

3.80K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

A and B are partners in a firm with capital of ₹ 60,000 and ₹ 1,20,000 respectively. They decide to admit C into the partnership for 1/4th share in the future profits. C is to bring in a sum of ₹ 70,000 as his capital. Calculate amount of goodwill.

3.88K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

A, B and C are in partnership sharing profits in the ratio of 5 : 4 : 1. Two new partners D and E are admitted and the new profit sharing ratio is 3 : 4 : 2 : 2 : 1. D is to pay ₹ 90,000 for his share of Goodwill but E is unable to bring his share of goodwill. Both the new partners introduced ₹ 1,20,000 each as their capital. You are required to pass the necessary Journal entries.

4.73K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

On the admission of Rao, goodwill of Murty and Shah is valued at ₹ 30,000. Rao is to get 1/4th share of profits. Previously Murty and Shah shared profits in the ratio of 3 : 2. Rao is unable to bring amount of goodwill. Give Journal entries in the books of Murty and Shah when: a) Goodwill does not exist in the books b) Goodwill exists in the books at ₹ 10,000.

3.62K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

A and B are partners sharing profits and losses in the ratio of 3 : 2. They admit C as partners in the firm for 1/4th share in profits which he takes 1/6th from A and 1/12th from B. C brings 60% of his share of the firm’s goodwill. Goodwill of the firm was valued at ₹ 1,00,000. Pass necessary Journal entries to record this arrangement.

4.33K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

A and b are partners sharing profits in the ratio of 2 : 1. They admit C for 1/4th share in profits. C brings in ₹ 30,000 for his capital and ₹ 8,000 out of his share of ₹ 10,000 for goodwill. Before admission, goodwill existed in the books at ₹ 18,000. Pass Journal entries to give effect to the above arrangement.

4.26K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

A and B were partners in a firm sharing profits and losses in the ratio of 3 : 2. They admitted C as a new partner for 3/7th share in the profit and the new profit sharing ratio will be 2 : 2 : 3. C brought ₹ 2,00,000 as his capital and ₹ 1,50,000 as premium for goodwill. Half of their share of premium was withdrawn by A and b from the firm. Calculate sacrificing ratio and pass necessary Journal entries for the above transactions in the books of the firm.

4.39K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Anu and Bhagwan were partners in a firm sharing profits in the ratio of 3 : 1. Goodwill appeared in the books at ₹ 4,40,000. Raja was admitted to the partnership. New profit sharing ratio among Anu, Bhagwan and Raja was 2 : 2 : 1. Raja brought ₹ 1,00,000 for his capital and necessary cash for his goodwill premium. Goodwill of the firm was valued at ₹ 2,50,000. Record necessary Journal entries in the books of the firm for the above transactions.

3.81K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit C into partnership for 1/5th share. C brings ₹ 30,000 as capital and ₹ 10,000 as goodwill. At the time of admission of C, goodwill appeared in the Balance Sheet of A and B at ₹ 3,000. New Profit sharing ratio of the partners will be 5 : 3 : 2. Pass necessary Journal entries.

4.35K viewsAnurag Pathak Changed status to publish May 18, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

A and B are in partnership sharing profits and losses in the ratio of 5 : 3. C is admitted as a partner who pays ₹ 40,000 as capital and the necessary amount of goodwill which is valued at ₹ 60,000 for the firm. His share of profits will be 1/5th which he takes 1/10th from A and 1/10th from B. Pass Journal entries and also calculate future profit sharing ratio of the partners.

4.43K viewsAnurag Pathak Changed status to publish May 18, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Geeta and Sunita are partners in a firm sharing profits in the ratio of 3 : 2. They admit Anita as a new partner. The new profit sharing ratio between Geeta, Sunita and Anita will be 5 : 3 : 2. Anita brought in ₹ 25,000 for her share of premium for goodwill. Pass necessary Journal entries for the treatment of goodwill.

5.79K viewsAnurag Pathak Changed status to publish May 18, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

B and C are in partnership sharing profits and losses as 3 : 1. They admit D as partner in the firm, D pays premium of ₹ 15,000 for 1/3rd share of the profits. As between themselves, B and C agree to share future profits and losses equally. Draft Journal entries showing appropriations of the premium money.

4.85K viewsAnurag Pathak Changed status to publish May 18, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Pass Journal entries to record the following arrangments in the books of the firm: a) B and C are partners sharing profits in the ratio of 3 : 2. D is admitted paying a premium (goodwill) of ₹ 2,000 for 1/4th share of the profits, shares of B and C remain as before. b) B and C are partners sharing profits in the ratio of 3 : 2. D is admitted paying a premium of ₹ 2,100 for 1/4th share of profits which he acquires 1/6th from B and 1/12th from C.

4.50K viewsAnurag Pathak Changed status to publish May 17, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Vimal and Nirmal are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner Kailash is admitted. Vimal gives 1/5th of his share and Nirmal gives 2/5th of his share in favour of Kailash. For the purpose of Kailash’s admission, goodwill of the firm is valued at ₹ 75,000 and Kailash brings his share of goodwill in cash which is retained in the business. Journalise the above transactions.

6.52K viewsAnurag Pathak Changed status to publish May 17, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Gold and Silver are partners sharing profits and losses in the ratio of 2 : 5. They admit copper on the condition that he will bring ₹ 14,000 as his share of goodwill to be distributed between Gold and Silver. Copper’s share in the future profits or losses will be 1/4th. What will be the new profit sharing ratio and what amount of goodwill brought in by Copper will be received by Gold and Silver?

5.95K viewsAnurag Pathak Changed status to publish May 17, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

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