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Category DK Goel Admission of a Partner

DK Goel Admission of a Partner 98 Questions

0 Votes 1 Ans

A and B are in partnership sharing profits and losses in the ratio of 3 : 1. Their Balance Sheet as at 31st Jan;, 2023 was as follows:

278 viewsAnurag Pathak Answered question August 31, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

X, Y and Z are equal partners with capitals of ₹ 1,50,000, ₹ 1,75,000 and ₹ 2,00,000 respectively. They agree to admit W into equal partnership upon payment in cash of ₹ 1,50,000 for one-fourth share of the goodwill

261 viewsAnurag Pathak Edited answer August 30, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

X and Y are partners. They admit Z as a partner and new profit sharing ratio is agreed at 3 : 2 : 1. Z brings in Capital of ₹ 1,50,000 and ₹ 40,000 as premium for goodwill in Cash

362 viewsAnurag Pathak Changed status to publish August 30, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

X and Y were partners with capitals of ₹ 4,00,000 and ₹ 3,50,000. They shared profits in the ratio of 3 : 2. On 1st April, 2024, they admitted Z for 1/5th share. On this date their creditors were ₹ 3,20,000 and general reserve ₹ 1,80,000

267 viewsAnurag Pathak Answered question August 30, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

X and Y share profits in the ratio of 5 : 3. Their balance sheet as at 31st March, 2024 was as follows:

274 viewsAnurag Pathak Edited answer August 30, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

A and B are partners sharing profits in the ratio of 3 : 1. They admitted C as a partner by giving him 1/4th share of profits which he acquired from A and B in the ratio of 2 : 1. C brings in ₹ 1,00,000 as Capital and ₹ 36,000 as goodwill in cash

303 viewsAnurag Pathak Answered question August 29, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

Vimal and Nirmal are partners sharing profits in the ratio of 3 : 2. Following was the position of their business as at 31st March, 2024:

281 viewsAnurag Pathak Changed status to publish August 29, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

A, B and C were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2024 was as follows:

333 viewsAnurag Pathak Answered question August 29, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

Charu and Deepika were partners sharing profits in the ratio of 3 : 2. They admitted Esha, as a new partner and the new ratio is agreed at 4 : 3 : 2. On the date of Esha’s admission, the Balance Sheet of Charu and Deepika disclosed General Reserve ₹ 1,20,000

219 viewsAnurag Pathak Changed status to publish August 29, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

A and B sharing profits and losses in the ratio of 3 : 2 decide to admit C for 1/3rd share. On this date, their Balance Sheet disclosed the following items:

246 viewsAnurag Pathak Answered question August 29, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

P and Q were partners sharing profits in the ratio of 2 : 1. On 1st April, 2023, they admitted R as a new partner and the new profit sharing ratio of P, Q and R is agreed at 3 : 1 : 1. R brought in ₹ 2,00,000 as his capital and ₹ 60,000 as his share of premium for goodwill

244 viewsAnurag Pathak Edited answer August 29, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

A, B and C are partners sharing profits in 2 : 2 : 1. On 1st April, 2023, they admitted Z for 1/4th share. On the date of admission, the following items appeared in their Balance Sheet:

253 viewsAnurag Pathak Answered question August 29, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

X and Y are partners in a firm. On 1st April, 2023, they admitted Z as a partner and new profit sharing ratio is agreed at 3 : 2 : 1. Their Balance Sheet disclosed ‘Workmen Compensation Reserve’ amounting to ₹ 1,00,000 on this date. Show the accounting treatment, if

243 viewsAnurag Pathak Answered question August 28, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

A and B were partners in a firm sharing profits in the ratio of 7 : 3. On 1-3-2024, they admitted C as a new partner for 1/6th share in the profits of the firm. They fixed the new profit sharing ratio as 3 : 2 : 1

267 viewsAnurag Pathak Answered question August 28, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

Khushi and Sukhi are partners in a firm sharing profits in the ratio of 5 : 4. On April 1, 2024, they admit Muskan as a new partner and the new ratio is agreed at 3 : 2 : 1

237 viewsAnurag Pathak Answered question August 28, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

A and B were in partnership sharing profits and losses in the ratio of 3 : 1. On 1st April, 2024 they admit C as a partner on the following terms: (a) That C brings ₹ 1,00,000 as his capital and ₹ 50,000 for goodwill, half of which to be withdrawn by A and B

344 viewsAnurag Pathak Changed status to publish August 28, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

Ayushi and Shrishti are partners sharing profits in 3 : 2. Their Balance Sheet showed Stock at ₹ 3,10,000; Machinery at ₹ 4,95,000; Debtors at ₹ 6,00,000; Creditors at ₹ 3,47,000. They admit Tina as a partner and new profit sharing ratio is agreed at 4 : 3 : 2

238 viewsAnurag Pathak Answered question August 28, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

Pass journal entries to record the following transactions on the admission of a new partner: Land and Building is undervalued by ₹ 2,00,000

222 viewsAnurag Pathak Answered question August 28, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

A, B and C were partners in a firm sharing profits in the ratio of 2 : 2 : 1. They admitted D for 1/6th share in the profits. The new profit sharing ratio will be 13 : 8 : 4 : 5 respectively. D brought ₹ 5,00,000 for his capital and ₹ 60,000 for his share of goodwill

275 viewsAnurag Pathak Answered question August 28, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

X and Y are partners sharing profits in the ratio of 3 : 1. Z is admitted as a partner for which he pays ₹ 30,000 for goodwill in cash. X, Y and Z decided to share future profits in equal proportion

253 viewsAnurag Pathak Answered question August 28, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

A and B are partners sharing profits in the ratio of 3 : 1. C is admitted as a partner with 2/9th share; A and B will in future get 4/9th and 3/9th share of profits. C pays ₹ 2,00,000 for goodwill. Pass the necessary journal entries

259 viewsAnurag Pathak Answered question August 27, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

A and B are partners sharing profits in the ratio of 3 : 2. They admit C into the firm for 3/7th profits (which he takes 2/7th from A and 1/7th from B) and brings ₹ 6,00,000 as premium out of his share of ₹ 7,20,000

255 viewsAnurag Pathak Answered question August 27, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

X and Y are partners sharing profits in the ratio of 3 : 2. Goodwill appears in their balance sheet at ₹ 60,000. Z is admitted as a partner for 1/4th share in the profits. The total goodwill of the firm is valued at ₹ 2,00,000

337 viewsAnurag Pathak Answered question August 27, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

P, Q and R share profits in the ratio of 5 : 3 : 2. S was admitted into partnership. S brings in ₹ 30,000 as his capital. S is entitled for 1/5th share in profits which he acquires equally from P, Q and R. Goodwill of the firm is to be valued at three year’s purchase of last four years’ average profits

229 viewsAnurag Pathak Changed status to publish August 27, 2024DK Goel Admission of a Partner

0 Votes 1 Ans

A and B are partners sharing profits in the ratio of 3 : 2. On 1st April, 2022 they admit C as a new partner for 1/4th share. C acquires 1/5th of his share from A

382 viewsAnurag Pathak Changed status to publish August 27, 2024DK Goel Admission of a Partner

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