Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans X and Y share profits in the ratio of 5 : 3. Their Balance Sheet as at 31st March, 2023 was: 4.91K viewsAnurag Pathak Changed status to publish May 25, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans A, B and C are partners sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2023 is as follows: 5.40K viewsAnurag Pathak Changed status to publish May 25, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Balance Sheet of Madhu and Vidhi who are sharing profits in the ratio of 2 : 3 as at 31st March, 2016 is given below: 4.74K viewsAnurag Pathak Changed status to publish May 25, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Given below is the Balance Sheet of A and B on 31st March, 2023, who are carrying on partnership business. A and B share profits and losses in the ratio of 2 : 1. 5.44K viewsAnurag Pathak Changed status to publish May 25, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Balance Sheet of J and K who share profits in the ratio of 3 : 2 is as follows: 4.03K viewsAnurag Pathak Changed status to publish May 24, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans A and B are carrying on business in partnership and sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2023 stood as: 4.80K viewsAnurag Pathak Changed status to publish May 23, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Following was the Balance Sheet of A and B who were sharing profits in the ratio of 2 : 1 as at 31st March, 2023: 5.60K viewsAnurag Pathak Changed status to publish May 23, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans X, Y and Z are equal partners with capitals of ₹ 15,000; ₹ 17,500 and ₹ 20,000 respectively. They agree to admit W into equal partnership upon payment in cash ₹ 15,000 for 1/4th share of the goodwill and ₹ 18,000 as his capital, both sums to remain in the business. The liabilities of the old firm were ₹ 30,000 and the assets, apart from cash, consist of Motors ₹ 12,000, Furniture ₹ 4,000, Stock ₹ 26,500 and Debtors ₹ 37,800. The Motors and Furniture were revalued at ₹ 9,500 and ₹ 3,800 respectively. Pass Journal entries to give effect to the above arrangement and also show Balance Sheet of the new firm. 6.24K viewsAnurag Pathak Changed status to publish May 23, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Vimal and Nirmal are partners in a firm sharing profits and losses in the ratio of 5 : 3. They admit Kailash into the firm on 1st April 2023, when their Balance Sheet was as follows: 7.06K viewsAnurag Pathak Changed status to publish May 23, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans a) An extract of the Balance Sheet of Murari and Vohra sharing profits and losses in the ratio of 3 : 2 was as under: 5.31K viewsAnurag Pathak Changed status to publish May 23, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans a) X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit W as partner for 1/6th share, Following is the extract of the Balance Sheet on the date of admission: 2.72K viewsAnurag Pathak Changed status to publish May 23, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans X and Y are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April 2023, they admit Z as a partner for 1/5th share in profits. On that date, there was a balance of ₹ 1,50,000 in General Reserve and a debit balance of ₹ 20,000 in the Profit & Loss Account of the firm. Pass necessary Journal entries regarding adjustment of reserve and accumulated profit/loss. 2.47K viewsAnurag Pathak Changed status to publish May 23, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Om and Shiv are partners ina firm sharing profits equally. 4.29K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans At the time of admission of a partner Suresh, assets and liabilities of Ramesh and Naresh were revalued as follows: a) A Provision for Doubtful Debts @ 10% was made on Sundry Debtors (Sundry Debtors ₹ 50,000). b) Creditors were written back by ₹ 5,000. c) Building was appreciated by 20% (Books value of Building ₹ 2,00,000). d) Unrecorded Investments were valued at ₹ 15,000. e) A provision of ₹ 2,000 was made for an Outstanding Bill for repairs. f) Unrecorded Liability towards suppliers was ₹ 3,000. Pass necessary Journal entries. 3.30K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Ashok and Bhaskar are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Chaman as a partner for 1/4th share of profits. At the time of admission of Chaman, Sundry Debtors and Provision for Doubtful Debts existed at ₹ 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. 4.26K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a partner for 1/4th share. At the time of admission of Z, Stock (Books value ₹ 1,00,000) is to be reduced by 40% and Furniture (Books Value ₹ 60,000) is to be reduced to 40%. Pass the necessary Journal entries. 2.28K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a partner and fixed new profit sharing ratio as 3 : 2 : 1. At the time of admission of Z, Debtors and Provision for Doubtful Debts existed at ₹ 50,000 and ₹ 5,000 respectively. All debtors are good. Pass the necessary Journal entries. 2.91K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Pass entries in firm’s Journal for the following on admission of a partner: i) Unrecorded Investments of ₹ 20,000 are to be accounted. ii) Unrecorded liability towards suppliers for ₹ 5,000 is to be accounted. iii) An item of ₹ 1,600 included in Sundry Creditors is not likely to be claimed and hence should be written back. 1.90K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 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) Provisions for warranty claims be increased by ₹ 12,000. iv) Furniture (Books Value ₹ 50,000) is to be reduced by 40%. v) Furniture (Books Value ₹ 50,000) is to be reduced to 40%. 2.59K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Arun and Vijay are partners in a firm sharing profits & loss in the ratio of 3 : 2. 5.42K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans X and Y are equal partners in a firm. They admit Z into partnership and the new profit sharing ratio between X, Y and Z is 4 : 3 : 2. On Z’s admission, goodwill of the firm is valued at ₹ 36,000. Z is unable to bring his share of goodwill premium in cash. Pass necessary Journal entries for treatment of goodwill on Z’s admission by raising and writing off goodwill. 3.61K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Ankit and Bobby are partners sharing profits in the ratio of 2 : 1 with capital of ₹ 7,50,000 and ₹ 5,00,000. They agree to admit Kartik into partnership who brings ₹ 2,50,000 as capital and ₹ 60,000 for 1/4th share of goodwill. Goodwill already appears in the books at ₹ 45,000. Pass the necessary Journal entries by raising and writing off goodwill. Also, prepare Partner’s Capital Accounts. 4.45K viewsAnurag Pathak Changed status to publish May 21, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Asin and Shreyas are paratners in a firm. They admit Ajay as a new partner with 1/5th share in the profits of the firm. Ajay brings ₹ 5,00,000 as his share of capital. The value of total assets of the firm was ₹ 15,00,000 and outside liabilities were valued at ₹ 5,00,000. on that date. Give necessary journal entry to record goodwill at the time of Ajay’s admission. Also show your workings. 4.77K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans X and Y are partners with capitals of ₹ 50,000 each. They admit Z as a partner for 1/4th share in the profits of the firm. Z brings in ₹ 80,000 as his share of capital. Profit and Loss Account showed a credit balance of ₹ 40,000 as on date of admission of Z. Give necessary Journal entries to record the goodwill. 3.63K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Bhuwan and Shivam were partners in a firm sharing profits in the ratio of 3 : 2. Their capitals were ₹ 50,000 and ₹ 75,000 respectively. They admitted Atul on 1st April, 2023 as new partner for 1/4th share in future profits. Atul brought ₹ 75,000 as his capital. Calculate the value of goodwill of the firm and record necessary Journal entries for the above transactions on Atul’s admission. 2.84K viewsAnurag Pathak Changed status to publish May 20, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th « Previous 1 2 … 145 146 147 148 149 … 161 162 Next » Question and answer is powered by anspress.net
