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Category [ISC] Admission of Partner

[ISC] Admission of Partner 119 Questions

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What is Revaluation Account? How is the balance of Revaluation Account dealt?

1.28K 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 the meaning of the word ‘Revaluation’ in partnership account?

1.28K 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 is there a need to revalue assets and reassess liabilities?

1.29K viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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Anurag and Bhawana entered into partnership on 1st April, 2022. They admitted Monika as a new partner for 3/10th share in the profit which she acquired equally from Anurag and Bhawana.

1.39K viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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Give the name of the compensation which is paid by a new partner to sacrificing partners for sacrificing their share of profits.

1.11K viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Give two circumstances in which Sacrificing Ratio may be applied.

1.33K viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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New profit sharing ratio is determined on admission of a partner. As a result of new partner acquiring the share from old partners, the shares of old partners are reduced. What is it known as and why is it important to determine it?

1.13K viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Define Sacrificing Ratio. unless given other wise, what will be the ratio of sacrifice of the old partners in the case of admission of a new partner?

1.35K 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 the New Profit sharing Ratio in case of admission of a partner?

1.22K viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

State any two purposes for admitting a new partner in a firm.

1.19K viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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Why does a new partner bring premium for goodwill on his admission?

1.15K 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 main rights that a newly admitted partner acquires in the firm.

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

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What is meant by Change in Profit Sharing Ratio? State any two circumstances when there is a need to change the profit sharing ratio.

1.18K 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 a partner admitted to a firm?

1.07K 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 Admission of a new partner

1.24K viewsAnurag Pathak Changed status to publish July 18, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Rajib and Sanjiv are in partnership sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as on 31st March, 2023 is as under:

3.90K viewsAnurag Pathak Changed status to publish July 17, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Amod and Subodh are partners sharing profits in the ratio of 3 : 2. They admit Pramod as a new partner from 1st April, 2023. They have decided to share future profits in the ratio of 4 : 3 : 3. The Balance Sheet as at 31st March, 2023 is given below:

4.21K viewsAnurag Pathak Changed status to publish July 17, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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Neha and Tara are partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet on 31st March, 2012, stood as follows:

4.33K viewsAnurag Pathak Changed status to publish July 17, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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Avinash and Varun are partners in a firm sharing profits and losses in the ratio of 3 : 1. On 1st April, 2023, their position was as given below:

3.50K viewsAnurag Pathak Changed status to publish July 17, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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Following is the Balance Sheet of Suhail and Sahil as at 31st March, 2023 who share profits and losses in proportion of 3 : 2.

3.94K viewsAnurag Pathak Changed status to publish July 17, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

James and Aryan are in partnership sharing profits and losses in the ratio of 3/5 : 2/5. The capitals of James and Aryan after adjustments are ₹ 2,40,000 and ₹ 1,80,000 respectively.

2.26K viewsAnurag Pathak Changed status to publish July 17, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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Ishu and Vishu are partners sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2023 was as follows:

4.97K viewsAnurag Pathak Changed status to publish July 17, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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Amit and Tej are partners sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 1st April, 2023 was as under:

3.58K viewsAnurag Pathak Changed status to publish July 17, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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Nitin and Lokesh are partners in a firm sharing profits and losses in the ratio of 60 : 40. Their Balance Sheet as at 31st March, 2023 was as follows:

2.91K viewsAnurag Pathak Changed status to publish July 17, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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Following is the Balance Sheet of Suman and Palak, who had been sharing profits in proportion of 3/4th and 1/4th, as at 31st March, 2023:

4.21K viewsAnurag Pathak Changed status to publish July 17, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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