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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?

859 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?

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

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Under what circumstances is there a need to revalue assets and reassess liabilities?

903 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.

1.02K 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.

744 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 two circumstances in which Sacrificing Ratio may be applied.

968 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?

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

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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?

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

What is the New Profit sharing Ratio in case of admission of a partner?

854 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.

810 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?

794 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.

832 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.

836 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?

718 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 Admission of a new partner

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

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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:

3.35K 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:

3.45K 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:

3.47K viewsAnurag Pathak Changed status to publish July 17, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

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:

2.81K 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.

3.26K viewsAnurag Pathak Changed status to publish July 17, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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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.

1.75K 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:

3.94K 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:

2.89K 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:

2.40K 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:

3.48K viewsAnurag Pathak Changed status to publish July 17, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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