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Category [ISC] Admission of Partner

[ISC] Admission of Partner 119 Questions

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Puneet and Tarun are partners sharing profits and losses in the ratio of 3 : 2. They admit Simran as a partner who acquires 2/7th from Puneet and 1/7th from Tarun as her share

754 viewsAnurag Pathak Answered question June 13, 2024[ISC] Admission of Partner

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Veena and Soma are partners in a firm. They admit Sara on 1st April, 2022 for 1/4th share in the profits of the firm. On an average, the profits earned by Veena and Soma are ₹ 21,000

3.58K viewsAnurag Pathak Changed status to publish May 3, 2024[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

X and Y are partners sharing profits/losses in the ratio of 3 : 2. Z is admitted for 1/4th share. X and Y decide to share equally

2.22K viewsAnurag Pathak Changed status to publish April 4, 2024[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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Atul and Abhay are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Akash as a new partner for 1/4th share

1.50K viewsAnurag Pathak Changed status to publish April 1, 2024[ISC] Admission of Partner [ISC} TS Grewal Solutions

0 Votes 1 Ans

Fateh, Vipin and Ishant are partners sharing profits and losses in the ratio of 3 : 2 : 1. Manoj is admitted

3.73K viewsAnurag Pathak Changed status to publish March 30, 2024[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Arup and Rama are partners in a firm sharing profits in 2 : 1. They admitted Santanu for 1/4th share in profits on 1st April

3.00K viewsAnurag Pathak Changed status to publish March 30, 2024[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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Anubhav and Anurag are partners in a firm sharing profits and losses in the ratio of 5 : 3. On 31st March, 2023, their Balance Sheet was as follows:

2.55K viewsAnurag Pathak Changed status to publish March 18, 2024[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Ashish and Akash are partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2023 was as under:

2.67K viewsAnurag Pathak Changed status to publish March 18, 2024[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Arsh and Daksh are partners in a firm with profit sharing ratio as follows: 1/2 to Arsh, 1/3 to Daksh and 1/6 carried to a Reserve. They admit Sachi as a partner on 1st April, 2023. The Balance Sheet of the firm as at 31st March, was as follows:

2.58K viewsAnurag Pathak Changed status to publish October 14, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Madan and Mohan are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2023, they admitted Chintu for 1/5th share in the profits of the firm, who contributes ₹ 2,50,000 as capital for 1/5th share.

1.65K viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Leena and Rohit are in partnership sharing profits in the ratio of 3 : 2. They admit Manoj for 1/5th share in profits. Capitals of Leena and Rohit after adjustments are ₹ 60,000 and ₹ 40,000 respectively. Manoj’ is to bring 20% of total capital of the new firm. Calculate Manoj’s Capital.

1.20K viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Abha and Binay are in partnership with respective capitals of ₹ 3,00,000 and ₹ 2,00,000. The admitted Chitra as a partner for 1/6th share in profits

999 viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

If new partner has to bring proportionate capital which is not given, how is it determined?

825 viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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State two effects of Accounting Standard – 26 (Intangible Assets) as issued by the Institute of Chartered Accountants of India on goodwill.

839 viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Under what circumstances premium for goodwill paid by incoming partner would not be recorded in the books of account?

868 viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

How is goodwill paid privately by an incoming partner treated in books of account?

784 viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

What is Hidden Goodwill and how is it calculated?

1.23K viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Explain the treatment of goodwill in the books of a firm on admission of a partner when godwill appears in the Balance Sheet.

775 viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Joy and Deb were partners sharing profits and losses in the ratio of 2 : 1. They admitted Gopi into partnership for 1/5th share.

2.40K viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Why are Reserves, Accumulated Profits and Losses not transferred to the incoming Partner’s Capital Account?

764 viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Why is the General Reserve distributed among the old partners before a new partner is admitted?

866 viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

What is meant by accumulated profits and accumulated losses?

823 viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Why is it necessary to revalue assets and liabilities of a firm in case of admission of a partner?

957 viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Why is Revaluation Account prepared? State any two reasons.

1.02K viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

At what values, the assets and liabilities are shown in the books of reconstituted firm in case ‘Revaluation Account’ is prepared?

859 viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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