Questions Ask question Search Order By: ActiveCategoryClear Filter 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. 2.98K 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. 3.44K 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. 4.46K 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. 5.85K 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. 3.21K 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. 3.54K 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. 5.39K 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. 5.58K 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. 7.41K 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: 5.54K 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: 2.92K 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. 3.79K 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? 3.02K 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 3.36K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thAssertion Reason MCQs (Admission) 0 Votes 1 Ans Parvan and Rahim are partners sharing profits and losses in the ratio of 3 : 2. karan is admitted as a partner with 1/4th share in profits. karan was unable to bring his share of goodwill premium in cash. 3.70K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans Assertion (A): Anahat and Parminder are partners sharing profits in the ratio of 2 : 1. They admit Rubayat as partner w.e.f. 1st January, 2021. On that date, Goodwill existed in the books at ₹ 1,00,000. Goodwill of ₹ 50,000 was written off by debiting capital accounts of Anahat and Parminder in the ratio of 2 : 1. While balance goodwill was carried forward in the Balance Sheet. 1.81K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thAssertion Reason MCQs (Admission) 0 Votes 1 Ans Assertion (A): Gurman and Ravi are equal partners. They admitted Param as a partner and their new profit-sharing ratio was 2 : 2 : 1. They revalued the assets and reassessed their liabilities. They did so because a new partner should not be at an advantage or disadvantage. 1.43K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thAssertion Reason MCQs (Admission) 0 Votes 1 Ans Assertion (A): Parul and Paresh are partners sharing profits equally. They admit Prema for 1/4th share in future profits. On the date of admission, Workmen Compensation Reserve existed in the books at ₹ 1,00,000. A claim of ₹ 1,50,000 was made by a worker and was to be accounted. The existing reserve of ₹ 1,00,000 will be distributed between Parul and Paresh and ₹ 1,50,000 being the claim amount will be transferred to the debit of Revaluation Account. 1.58K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thAssertion Reason MCQs (Admission) 0 Votes 1 Ans Assertion (A): Ajay and Akansha are partners sharing profits in the ratio of 3 : 2. General Reserve existed in the books at ₹ 1,00,000. They admitted Amit as a partner for 2/5th share in profits. ₹ 50,000 was transferred to Workmen Compensation Reserve and the balance was transferred to the Capital Accounts of Ajay and Akansha in the ratio of 3 : 2. 1.72K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thAssertion Reason MCQs (Admission) 0 Votes 1 Ans Assertion (A): General Reserve is not distributed among the old partners but is carried forward in the Balance Sheet prepared after the admission of a partner. 2.28K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thAssertion Reason MCQs (Admission) 0 Votes 1 Ans Assertion (A): Admission of a partner means reconstitution of the partnership whereby old partnership ceases to exist and new partnership comes into existence. 2.39K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thAssertion Reason MCQs (Admission)MCQs (Admission) 0 Votes 1 Ans Assertion (A): Admission of a partner leads to dissolution of old firm and bringing new firm into existence. 2.40K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thAssertion Reason MCQs (Admission)MCQs (Admission) 0 Votes 1 Ans Assertion (A): At the time of admission of a partner, new partner should bring his share in goodwill in cash to compensate the Sacrificing Partner. 2.98K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thAssertion Reason MCQs (Admission)MCQs (Admission) 0 Votes 1 Ans Assertion (A): Ajeet and Akash are partners sharing profits in the ratio of 3 : 2. They admit Prakash as a new partner for 1/4th share. Goodwill is valued at ₹ 1,00,000 and the new Partner will compensate both Ajeet and Akash by crediting ₹ 25,000 in the ratio of 3 : 2. 2.15K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thAssertion Reason MCQs (Admission) 0 Votes 1 Ans Assertion (A): At the time o admission of a partner, the value of the Goodwill of the firm is determined because the new partner compensates the sacrificing partner or partners. 1.78K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) « Previous 1 2 … 154 155 156 157 158 … 173 174 Next » Question and answer is powered by anspress.net
