Admission of a Partner Book Back Questions

12th Standard EM

    Reg.No. :
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Accountancy

Time : 00:45:00 Hrs
Total Marks : 30
    5 x 1 = 5
  1. At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of

    (a)

    all the partners

    (b)

    the old partners

    (c)

    the new partner

    (d)

    the sacrificing partne

  2. Which of the following statements is not true in relation to admission of a part

    (a)

    Generally mutual rights of the partners change

    (b)

    The profits and losses of the previous years are distributed to the old partners

    (c)

    The firm is reconstituted under a new agreement

    (d)

    The existing agreement does not come to an end

  3. Select the odd one out

    (a)

    Revaluation profit

    (b)

    Accumulated loss

    (c)

    Goodwill brought by new partner

    (d)

    Investment fluctuation fund

  4. James and Kamal are sharing profits and losses in the ratio of 5:3. They admit Sunil as a partner giving him 1/5 share of profits. Find out the sacrificing ratio.

    (a)

    1:3

    (b)

    3:1

    (c)

    5:3

    (d)

    3:5

  5. Balaji and Kamalesh are partners sharing profits and losses in the ratio of 2:1. They admit Yogesh into partnership. The new profit sharing ratio between Balaji, Kamalesh and Yogesh is agreed to 3:1:1. Find the sacrificing ratio between Balaji and Kamalesh.

    (a)

    1:3

    (b)

    3:1

    (c)

    2:1

    (d)

    1:2

  6. 3 x 2 = 6
  7. Mala and Vimala were partners sharing profits and losses in the ratio of 3:2. On 31.3.2017, Varshini was admitted as a partner. On the date of admission, the book of the firm showed a reserve fund of Rs.50,000. Pass the journal entry to distribute the reserve fund.

  8. Ramesh and Raju are partners sharing profits in the ratio of 2:1. They admit Ranjan into partnership with 1/4 share of profit. Ranjan acquired the share from old partners in the ratio of 3:2. Calculate the new profit sharing ratio and sacrificing ratio.

  9. Aparna and Priya are partners who share profits and losses in the ratio of 3:2. Brindha joins the firm for 1/5 share of profits and brings in cash for her share of goodwill of Rs.10,000. 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.

  10. 3 x 3 = 9
  11. Rajesh and Ramesh are partners sharing profits in the ratio 3:2. Raman is admitted as a new partner and the new profit sharing ratio is decided as 5:3:2. The following revaluations are made. Pass journal entries and prepare revaluation account.
    (a) The value of building is increased by Rs.15,000.
    (b) The value of the machinery is decreased by Rs.4,000.
    (c) Provision for doubtful debt is made for Rs.1,000.

  12. 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.

  13. Anjali and Nithya are partners of a firm sharing profits and losses in the ratio of 5:3. They admit Pramila on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs.40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

  14. 2 x 5 = 10
  15. Anand and Balu are partners in a firm sharing profits and losses in the ratio of 7:3. Their
    balance sheet as on 31st March, 2018 is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Land 60,000
    Anand 50,000   Stock 40,000
    Balu 30,000 80,000 Debtors 20,000
    Sundry creditors   20,000 Cash in hand 10,000
    Profit and loss A/c   30,000    
        1,30,000   1,30,000

    Chandru is admitted as a new partner on 1.4.2018 by introducing a capital of Rs.20,000 for 1/4 share in the future profit subject to the following adjustments:
    (a) Stock to be depreciated by Rs.3,000
    (b) Provision for doubtful debts to be created for Rs.2,000.
    (c) Land was to be appreciated by Rs.10,000
    Prepare revaluation account and capital account of partners after admission. 

  16. Ameer and Raja are partners sharing profits in the ratio of 3:2. Their balance sheet is shown as under on 31.12.2018.

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Machinery 60,000
    Ameer 80,000   Furniture 40,000
    Raja 70,000 1,50,000 Debtors 30,000
    Reserve fund   15,000 Stock 10,000
    Creditors   35,000 Prepaid insurance 40,000
          Cash at bank 20,000
        2,00,000   2,00,000

     Rohit is admitted as a new partner who introduces a capital of Rs.30,000 for his 1/5 share in future profits. He brings Rs.10,000 for his share of goodwill.
    Following revaluations are made:
    (i) Stock is to be appreciated to Rs.14,000
    (ii) Furniture is to be depreciated by 5%
    (iii) Machinery is to be revalued at Rs.80,000
    Prepare the necessary ledger accounts and the balance sheet after the admission.

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