Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans M, N and O are partners in a firm sharing profits in the ratio of 3 : 2 : 1. Goodwill has been valued at ₹ 60,000. On N’s retirement, M and O agree to share profits equally. Pass the necessary Journal entry for treatment of N’s share of goodwill. 2.82K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Shivam, Kapil and Deepak are partners sharing profits in the ratio of 3 : 1 : 2. On 31st March, 2022, Kapil retired and his capital account after adjustments of reserve and profit on revaluation was ₹ 3,50,000. Shivam and Deepak paid him ₹ 4,20,000 in settlement of his claim. To settle his account, a computer of ₹ 4,20,000 was given to Kapil. Pass the necessary Journal entries in the books of the firm. 6.79K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans A, B and C are partners sharing profits in the ratio of 4/9 : 3/9 : 2/9. B retires and his capital after making adjustments for reserves and gain (profit) on revaluation stands at ₹ 1,39,200. A and C agreed to pay him ₹ 1,50,000 in full settlement of his claim. Record necessary Journal entry for adjustment of goodwill if the new profit sharing ratio is decided at 5 : 3. 4.16K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Aman, Bimal and Deepak are partners sharing profits in the ratio of 2 : 3 : 5. The goodwill of the firm has been valued at ₹ 37,500. Aman retired, Bimal and Deepak decided to share profits equally in future. Calculate gain/sacrifice of Bimal and Deepak on Aman’s retirement and also pass necessary Journal entry for the treatment of goodwill. 3.18K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans A, B and C are partners sharing profits in the ratio of 3 : 2 : 1. B retired and the new profit sharing ratio between A and C was 2 : 1. On B’s retirement, the goodwill of the firm was valued at ₹ 90,000. Pass necessary Journal entry for the retirement of goodwill on B’s retirement. 3.38K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Aparna, Manisha and Sonia are partners sharing profits in the ratio of 3 : 2 : 1. Manisha retired and goodwill of the firm is valued at ₹ 1,80,000. Aparna and Sonia decided to share future profits in the ratio of 3 : 2. Pass necessary Journal entries. 2.82K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans P, Q, R and S were partners in a firm sharing profits in the ratio of 5 : 3 : 1 : 1. On 1st January, 2023, S retired from the firm. On S’s retirement, goodwill of the firm was valued at ₹ 4,20,000. New Profit sharing ratio among P, Q and R will be 4 : 3 : 3. Showing your working notes clearly, pass necessary Journal entry for the treatment of goodwill in the books of the firm on S’s retirement. 5.28K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Sunil, Shahid and David are partners sharing profits and losses in the ratio of 4 : 3 : 2. Shahid retires and the goodwill is valued at ₹ 72,000. Calculate Shahid’s share of goodwill and pass the Journal entry for Goodwill. Sunit and David decided to share future profits and losses in the ratio of 5 : 3. 5.51K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans P, Q and R are partners sharing profits in the ratio of 7 : 5 : 3. P retires and it is decided that profit sharing ratio between Q and R will be same as existing between P and Q. Calculate New Profit sharing ratio and Gaining Ratio. 3.30K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Murli, Naveen, and Omprakash are partners sharing profits in the ratio of 3/8, 1/2 and 1/8. Murli retires and surrenders 2/3rd of his share in favor of Naveen and the remaining share in favour of Omprakash. Calculate the new profit sharing ratio and gaining ratio of the remaining partners. 3.30K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans A, B and C are partners sharing profits in the ratio of 5 : 3 : 2. C retires and his share is taken by A. Calculate new profit sharing ratio of A and B. 2.82K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans A, B and C were partners in a firm sharing profits in the ratio of 8 : 4 : 3. B retires and his share is taken up equally by A and C. Find the new profit sharing ratio. 2.80K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Kumar, Lakshya, Manoj and Naresh are partners sharing profits in the ratio of 3 : 2 : 1 : 4. kumar retires and his share is taken by Lakshya and Manoj in the ratio of 3 : 2. Calculate new profit sharing ratio and gaining ratio of the remaining partners. 3.26K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans W, X, Y and Z are partners sharing profits and losses in the ratio of 1/3, 1/6, 1/3 and 1/6 respectively. Y retires and W, X and Z decide to share the profits and losses equally in future. Calculate gaining ratio. 4.24K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Sarthak, Vansh and Mansi were partners sharing profits in the ratio of 4 : 3 : 2. Sarthak retires, Vansh and Mansi will share future profits in the ratio of 2 : 1. Determine the gaining ratio. 5.56K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans X, Y and Z are partners sharing profits in the ratio of 1/2, 3/10, and 1/5. Calculate the gaining ratio of remaining partners when Y retires from the firm. 3.02K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans R, S and M are partners sharing profits in the ratio of 2/5, 2/5, and 1/5. M decides to retire from the business and his share is taken by R and S in the ratio of 1 : 2. Calculate the new profit-sharing ratio. 3.34K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans From the following particulars, calculate new profit sharing ratio of the partners: a) Shiv, Mohan and Hari were partners in a firm sharing profits in the ratio of 5 : 5 : 4. Mohan retired and his share was divided equally between Shiv and Hari. b) P, Q and R were partners sharing profits in the ratio of 5 : 4 : 1. P retires from the firm. 5.13K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Gita, Radha, and Garv were partners sharing profits in the ratio of 1/2, 2/5, and 1/10. Find the new ratio of the remaining partners if Garv retires. 5.25K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Following is the Balance Sheet of Jay and Veeru as at 31st March, 2023 who are partners in a firm sharing profits and losses in the ratio of 3 : 2 respectively. 7.06K viewsAnurag Pathak Changed status to publish June 12, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Kavi and Ravi were partners in a firm sharing profits in the ratio of 5 : 3. On 31st March, 2023, they admitted Chhavi as a partner for 1/5th share in the profit. On Chhavi’s admission, the Balance Sheet of the firm was as follows: 5.11K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans On the date of Shiv’s admission, an extract of the Balance Sheet of Ram and Mohan sharing profits and losses in the ratio of 3 ; 2 was as under: 2.70K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans Amol and Ameet are partners sharing profits and losses in the ratio of 2 : 1. They admit Atul for 1/4th share. For the purpose of admission of Atul, goodwill of the firm is to be valued on the basis of 2 year purchase of Average Super Profit of last four years. The normal rate of return in their business is 12% on capital employed. 3.57K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans Which of the following statement is wrong in the context of admission of a partner? 2.72K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans Amit and Vidya are partners in a firm. They admit Sanjana as a partner with 1/4th share in the profits of the firm. Sanjana brings ₹ 2,00,000 as her share of capital. The value of the total assets of the firm is ₹ 5,40,000 and outside liabilities are valued at ₹ 1,00,000 on that date. Sanjana’s share of goodwill is 3.13K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thAssertion Reason MCQs (Admission) « Previous 1 2 … 150 151 152 153 154 … 169 170 Next » Question and answer is powered by anspress.net
