Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Pronoy, Jagjit and Sachin are partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They admit Rajdeep as a partner and share future profits and losses equally with effect from 1st April, 2023. An extract of their Balance Sheet as at 31st March, 2023 is: 1.66K viewsAnurag Pathak Changed status to publish July 12, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Give the Journal entry to distribute ‘Investment Fluctuation Reserve’ of ₹ 24,000 at the time of admission of Manbir, when Investment (Market Value ₹ 1,10,000) exists at ₹ 1,20,000. The firm has two partners Sunil and Avdesh. 1.44K viewsAnurag Pathak Changed status to publish July 12, 2023[ISC] Admission of Partner[ISC} TS Grewal Solutions 0 Votes 1 Ans Ben, Broad and Moin are partners sharing profit and losses in the ratio of 5 : 3 : 2. They admit Rashid for 1/6th share. Following items appear in the Balance Sheet on the date of admission: 1.68K viewsAnurag Pathak Changed status to publish July 12, 2023[ISC] Admission of Partner[ISC} TS Grewal Solutions 0 Votes 1 Ans Shabir and Jiwan are partners in a firm sharing profits and losses in the ratio of 3 : 2. Joy was admitted for 1/3rd share in the profits. 1.57K viewsAnurag Pathak Changed status to publish July 12, 2023[ISC] Admission of Partner[ISC} TS Grewal Solutions 0 Votes 1 Ans Mahesh and Rajesh are partners sharing profits in the ratio of 2 : 1. Their Balance sheet as at 31st March, 2023 was as under: 3.05K viewsAnurag Pathak Changed status to publish July 11, 2023[ISC] Admission of Partner[ISC} TS Grewal Solutions 0 Votes 1 Ans Jannat and Mannat are partners in a firm. They share profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2023 was as under: 3.32K viewsAnurag Pathak Changed status to publish July 11, 2023[ISC] Admission of Partner[ISC} TS Grewal Solutions 0 Votes 1 Ans Anmol and Basu were partners sharing profits equally. Their Balance sheet as at 31st March, 2023 was as follows: 3.17K viewsAnurag Pathak Changed status to publish July 11, 2023[ISC] Admission of Partner[ISC} TS Grewal Solutions 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: 1.68K 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: 1.39K 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. 1.73K 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. 1.65K 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. 1.67K 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. 941 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. 1.14K viewsAnurag Pathak Changed status to publish July 11, 2023[ISC] Admission of Partner[ISC} TS Grewal Solutions 0 Votes 1 Ans Lisa, Monika and Nisha were partners in a firm sharing profits & Losses in the ratio of 5 : 3 : 2. On 31st March 2023, their Balance Sheet was as follows: 3.36K viewsAnurag Pathak Changed status to publish July 11, 2023Accountancy Class 12thRetirement of Partner 0 Votes 1 Ans Aditi, Bhavya and Cris are partners in a firm sharing profits in the ratio of 3 : 2 : 1. Bhavya retires from the firm on 31st March 2023. For the purpose of Bhavya’s retirement, goodwill of the firm has been valued at ₹ 10,800. Aditi and Cris decide to share future profits equally. 2.06K viewsAnurag Pathak Changed status to publish July 11, 2023Accountancy Class 12thRetirement of Partner 0 Votes 1 Ans X, Y and Z are partners in a firm sharing profits in the ratio of 2 : 2 : 1 respectively. Y retires and X and Z decide to share future profit & Losses in the ratio of 3 : 5. 2.05K viewsAnurag Pathak Changed status to publish July 11, 2023Accountancy Class 12thMCQs (Retirement)Retirement of Partner 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: 2.33K 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 2.27K 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. 2.05K viewsAnurag Pathak Changed status to publish July 3, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Vidya and Jyoti sharing profits equally admit Kalam for 1/5th share in profits. Kalam pays ₹ 50,000 for goodwill out of his share of ₹ 90,000. Goodwill exists in the Balance Sheet at ₹ 1,60,000. Pass Journal entries. 2.10K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans Balance Sheet as at 31st March, 2023 of Sonam and Shilpa sharing profits in the ratio of 3 : 2 was: 2.38K viewsAnurag Pathak Changed status to publish July 3, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Amar, Akash and Arvind are partners. on the retirement of Akash, Workmen Compensation Reserve has a balance of ₹ 1,50,000. There is a claim of ₹ 37,500 against it. How much amount will be transferred to Akash’s Capital in respect of Workmen Compensation Reserve? a) Nil 1.64K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement)Retirement of Partner 0 Votes 1 Ans Assertion (A): Admission of a partner means reconstitution of the partnership whereby old partners ceases to exist and new partnership comes into existence 1.27K viewsAnurag Pathak Changed status to publish July 3, 2023[CBSE] TS Grewal Solutions 0 Votes 1 Ans The retirement of a partner is a situation for the continuing partners which is known as 1.02K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement)Retirement of Partner « Previous 1 2 … 141 142 143 144 145 … 166 167 Next » Question and answer is powered by anspress.net
