Category [ISC] Admission of Partner [ISC] Admission of Partner 119 Questions Ask question Search Order By: ActiveClear Filter 0 Votes 1 Ans Following was the Balance Sheet of X and Y who were sharing profit 2/3rd and 1/3rd as at 31st March, 2023: 1.55K viewsAnurag Pathak Changed status to publish July 11, 2023[ISC] Admission of Partner[ISC} TS Grewal Solutions 0 Votes 1 Ans At the time of admission of partner Dass, the assets and liabilities of Karam and Dharam were revalued and following changes were made: 1.27K viewsAnurag Pathak Changed status to publish July 11, 2023[ISC] Admission of Partner[ISC} TS Grewal Solutions 0 Votes 1 Ans Mandeep and Tarun are partners sharing profits in the ratio of 3 : 2. They admitted Neelu as a new partner for 1/4th share of profits. At the time of admission of Neelu, Debtors and Provision for Doubtful Debts were ₹ 76,000 and ₹ 8,000 respectively. ₹ 6,000 of the debtors proved bad. A provision of 5% is to be created on Sundry Debtors for Doubtful Debts. Pass the necessary Journal entries. 1.60K viewsAnurag Pathak Changed status to publish July 11, 2023[ISC] Admission of Partner[ISC} TS Grewal Solutions 0 Votes 1 Ans Gurm and Sharan are partners sharing profits in the ratio of 3 : 2. They admitted Preet as a partner for 1/4th share of profits. At the time of admission of Preet, Investments appeared at ₹ 80,000. Half of the investments to be taken by Gurm and Sharan in their profit sharing ratio at book value. Remaining investments were valued at ₹ 50,000. Pass the necessary Journal entries. 1.51K viewsAnurag Pathak Changed status to publish July 11, 2023[ISC] Admission of Partner[ISC} TS Grewal Solutions 0 Votes 1 Ans Rajan and Simrat are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Rakesh as a new partner and fixed the new profit sharing ratio as 3 : 2 : 1. At the time of admission of Rakesh, Debtors and Provision for Doubtful Debts appeared at ₹ 50,000 and ₹ 5,000 respectively. All Debtors are good. Pass the necessary Journal entries. 1.56K viewsAnurag Pathak Changed status to publish July 11, 2023[ISC] Admission of Partner[ISC} TS Grewal Solutions 0 Votes 1 Ans Pass entries in firm’s Journal for the following on admission of a partner: (i) Unrecorded Investments of ₹ 20,000. (ii) Unrecorded liability towards suppliers for ₹ 5,000. (iii) An item of ₹ 1,600 included in Sundry Creditors is not likely to be claimed and hence should be written back. 815 viewsAnurag Pathak Changed status to publish July 11, 2023[ISC] Admission of Partner[ISC} TS Grewal Solutions 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) Provision for Warranty claims be increased by ₹ 12,000. 1.03K viewsAnurag Pathak Changed status to publish July 11, 2023[ISC] Admission of Partner[ISC} TS Grewal Solutions 0 Votes 1 Ans Jaspal and Rosy are partners in a firm sharing profits and losses in the ratio of 2 : 1. Following is their Balance sheet as at 1st April, 2023: 2.17K viewsAnurag Pathak Changed status to publish July 3, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Yogesh, Mahesh and Ashish are partners sharing profits and losses in the ratio of 1 : 2 : 3. Nirdosh is admitted as a partner who brings ₹ 50,000 as his capital for 1/5th share in the profit 2.09K viewsAnurag Pathak Changed status to publish July 3, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Abek and Aman are partners sharing profits and losses in the ratio of 3 : 1. They admit Anand as partner who pays ₹ 30,000 as capital. Anand is to bring cash for his share of goodwill. 1.86K viewsAnurag Pathak Changed status to publish July 3, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Balance Sheet as at 31st March, 2023 of Sonam and Shilpa sharing profits in the ratio of 3 : 2 was: 2.14K viewsAnurag Pathak Changed status to publish July 3, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Atal and Jawahar are partners with capital of ₹ 1,30,000 and ₹ 90,000 respectively. They admit Mohan as a partner with 1/5th share in the profits fo the firm. Mohan brings in ₹ 80,000 as capital and also his share of goodwill. Goodwill is to be calculated on the basis of Mohan’s share in the profits and capital contributed by him. Pass necessary Journal entries. 1.57K viewsAnurag Pathak Changed status to publish July 1, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Anuj and Vinod are partners in a firm. They admit Samar as a partner for 1/4th share in the profits of the firm. Samar brings ₹ 5,00,000 as his capital. The value of the total assets of the firm is ₹ 13,50,000 and outside liabilities are valued at ₹ 2,50,000 on that date. Calculate Samar’s share of goodwill. 1.75K viewsAnurag Pathak Changed status to publish July 1, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Reema and Seema are partners with capitals of ₹ 50,000 each. They admit Sam as a partner with 1/4th share in the profits of the firm. Sam brings ₹ 80,000 as his share of capital. Profit and Loss Account showed a credit balance of ₹ 40,000 as on date of admission of Sam. Pass necessary Journal entries to record the goodwill. 1.64K viewsAnurag Pathak Changed status to publish July 1, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Rajat and Amar are partners with capitals of ₹ 90,000 respectively. They admit Karan into partnership for 1/5th sahre in the profit of the firm. Karan brings ₹ 80,000 as his capital but is unable to bring for goodwill. Goodwill is to be calculated on the basis of Karan’s share in the profits and the capital contributed by him. Give Journal entries to record the goodwill. 1.73K viewsAnurag Pathak Changed status to publish July 1, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Arun, Arvind and Alok are in partnership sharing profits and losses in the ratio of 5 : 4 : 1. Two new partners Ankur and Aseem are admitted. 2.09K viewsAnurag Pathak Changed status to publish July 1, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Nimrat and Rantej are partners in a firm sharing profits and losses in the ratio of 5 : 3. Anahat is admitted as a new partner for 1/8th share in the profits of the firm. Anahat brings ₹ 80,000 as her capital but is not able to bring amount of goodwill. Goodwill of the firm is valued at ₹ 60,000. It is decided that new profit sharing ratio will 9 : 5 : 2. Pass necessary Journal entry for the adjustment of goodwill. 2.47K viewsAnurag Pathak Changed status to publish July 1, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Nidhi and Preeti are partners sharing profits and losses in the ratio of 3 : 2. They admit Gurman into the firm for 1/4th share in profits which he gets 1/6th from Nidhi and 1/12th from Preeti. Gurman brings in 60% of his share of firm’s goodwill. Goodwill of the firm is valued at ₹ 1,00,000. Pass necessary Journal entries to record this arrangement. 2.74K viewsAnurag Pathak Changed status to publish June 28, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans James and Thomas are partners in a firm sharing profits and losses in the ratio of 3 : 1. They admit Michael as a partner for 1/3rd share in the profits of the firm. 2.29K viewsAnurag Pathak Changed status to publish June 28, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Rao and Reddy are in partnership sharing profits and losses in the ratio of 5 : 3. Kutty is admitted as a partner paying ₹ 40,000 as capital and the necessary amount of goodwill which is valued at ₹ 60,000 for the firm. 2.33K viewsAnurag Pathak Changed status to publish June 28, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Ajay and Alok are partners sharing profits and losses in the ratio of 2 : 1. They admit Anil, their Manager, into partnership who is to get 1/3rd share in the business. Anil brings ₹ 10,000 for his capital and ₹ 3,000 for 1/3rd share of goodwill. Ajay, Alok and Anil agree to share future profits equally. The amount of goodwill is withdrawn from the business. Make necessary Journal entries in connection with Anil’s admission. 2.00K viewsAnurag Pathak Changed status to publish June 28, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Sachin and Kapil are partners sharing profits and losses in the ratio of 2 : 3. On 1st April, 2023, they admit Amit into partnership for 1/4th share in profits. Amit brought ₹ 2,00,000 for his capital and ₹ 36,000 as premium for his share in the profits. 2.59K viewsAnurag Pathak Changed status to publish June 28, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Pankaj and Lalit are partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2023, they admit Jatinder as a partner for 1/4th share in the profits. 2.25K viewsAnurag Pathak Changed status to publish June 27, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Following is the Balance Sheet as at 1st April, 2023 of Sushil and Satish who are in partnership sharing profits and losses in the ratio of 5 : 2. 2.59K viewsAnurag Pathak Changed status to publish June 27, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Seerat and Manbir are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner Anya is admitted. Seerat surrenders 1/5th of her share and Manbir 2/5th of his share in favour of Anya. For the purpose of Anya’s admission, goodwill of the firm is valued at ₹ 75,000 and Anya brings her share of goodwill in cash which is retained in the firm’s books. Journalise the above transactions. 2.24K viewsAnurag Pathak Changed status to publish June 27, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th « Previous 1 2 3 4 5 Next » Question and answer is powered by anspress.net
