Admission of a Partner Three Marks Questions

12th Standard EM

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Accountancy

Time : 00:45:00 Hrs
Total Marks : 30
    10 x 3 = 30
  1. Amudha and Bhuvana are partners who share profits and losses in the ratio of 5:3. Chithra joins the firm on 1st January, 2019 for 3/8 share of profits and brings in cash for her share of goodwill of Rs.8,000. Pass necessary journal entry for adjusting goodwill on the assumption that the fluctuating capital method is followed and the partners withdraw the entire amount of their share of goodwill.

  2. Arun, Babu and Charles are partners sharing profits and losses equally. They admit Durai into partnership for 1/4 share in future profits. The goodwill of the firm is valued at Rs.36,000 and Durai brought cash for his share of goodwill. The existing partners withdraw half of the amount of their share of goodwill. Pass necessary journal entries on the assumption that the fluctuating capital method is followed.

  3. Vasu and Devi are partners sharing profits and losses in the ratio of 3:2. They admit Nila into partnership for 1/4 share of profit. Nila pays cash ` 3,000 towards her share of goodwill. The new ratio is 3:3:2. Pass necessary journal entry on the assumption that the fixed capital system is followed.

  4. Sathish and Sudhan are partners in a firm sharing profits and losses in the ratio of 4:3. On 1st April 2018, they admitted Sasi as a partner. On the date of Sasi’s admission, goodwill appeared in the books of the firm at ` 35,000. By assuming fluctuating capital account, pass the necessary journal entry if the partners decide to
    (i) write off the entire amount of existing goodwill
    (ii) write off Rs.21,000 of the existing goodwill

  5. What are the journal entries to be passed on revaluation of assets and liabilities?

  6. Write a short note on accounting treatment of goodwill.

  7. Arul and Anitha are partners sharing profits and losses in the ratio of 4:3. On 31.3.2018, Ajay was admitted as a partner. On the date of admission, the book of the firm showed a general reserve of Rs.42,000. Pass the journal entry to distribute the general reserve.

  8. Oviya and Kavya are partners in a firm sharing profits and losses in the ratio of 5:3. They admit Agalya into the partnership. Their balance sheet as on 31st March, 2019 is as follows:

    Balance Sheet as on 31st March 2019
    Liabilities   Rs. Assets Rs.
    Capital accounts:     Buildings 40,000
    Oviya 40,000   Plant 50,000
    Kavya 40,000 90,000 Furniture 30,000
    Profit and loss appropriation A/c   40,000 Debtors 20,000
    General reserve   8,000 Stock 10,000
    Workmen’s compensation fund   12,000 Cash 20,000
    Sundry creditors   20,000    
        1,70,000   1,70,000

    Pass journal entry to transfer the accumulated profits and reserve on admission. 

  9. Malathi and Shobana are partners sharing profits and losses in the ratio of 5:4. They admit Jayasri into partnership for 1/3 share of profit. Jayasri pays cash Rs.6,000 towards her share of goodwill. The new ratio is 3:2:1. Pass necessary journal entry for adjusting goodwill on the assumption that the fixed capital method is followed.

  10. Anu and Arul were partners in a firm sharing profits and losses in the ratio of 4:1. They have decided to admit Mano into the firm for 2/5 share of profits. The goodwill of the firm on the date of admission was valued at Rs.25,000. Mano is not able to bring in cash for his share of goodwill. Pass necessary journal entry for goodwill on the assumption that the fluctuating capital method is followed.

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