12th Standard Accountancy English Medium - Admission of a Partner 2 Mark Creative Question Paper and Answer Key 2022 - 2023 | QB365

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12th Standard Accountancy English Medium - Admission of a Partner 2 Mark Creative Question Paper and Answer Key 2022 - 2023

Published on: 01/09/2022

QB365 provides a detailed and simple solution for every Possible Creative Questions in Class 12 Accountancy Subject - Admission of a Partner, English Medium. It will help Students to get more practice questions, Students can Practice these question papers in addition to score best marks.

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Questions:

Generic 2

13 x 2 = 26

Kokila and Mala were sharing ratio 4:3. Chandra was admitted with 3/7 share in the profit 2/7 from Kokila and 3/7 from Mala. Calculate New sharing ratio.

Anbu end Raju are partners, sharing profits in the ratio of 3 : 2. Akshai is admitted as apartner. The new profit sharing ratio among Anbu, Raju and Akshai is 5 : 3 : 2. Find out the sacrificing ratio.

At the time of admission of a partner, who decides the share of profits for the new partner out of the firm's profit ?

What are the items debited and credited to revaluation account ?

Why revaluation account is to be opened ?

What are rigts acquired by the new partner?

What is meant by Admission of a Partner ?

The value of Plant and machinery increased by 10%. State whether revaluation account will be debited or credited.

On the admission of C, A and B decide to record an unrecorded asset worth Rs.10,000 State whether the revaluation account will be debited or credited.

10.

The amount of bills payable appearing in the balance sheet is understated by. Rs.10,000 State whether the revaluation account will be debited or credited to restore the amount of bills payable to its actual value. Also give reason for your answer.

11.

Durga and Naresh were partnership in a firm. They wanted to admit five more members in the firm. List any two categories of individuals other than minors who cannot be admitted by them.

12.

Who is an incoming partner?

13.

What is meant by admission of a partner?

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Answers Key:

Generic 2

13 x 2 = 26

New ratio = Old share - Sacriftce

	Kokila	Mala	Chandra
Old Ratio	= 4	3
Old share	= \(\frac{4}{5}\)	\(\frac{3}{7}\)
Sacrifice	= \(\frac{2}{7}\)	\(\frac{1}{7}\)
	\(\frac{(4-2)}{7}\)	\(\frac{(3-1)}{7}\)	\(\frac{3}{7}\)
	= \(\frac{2}{7}\)	\(\frac{2}{7}\)	\(\frac{3}{7}\)
New ratio	2:2:3

Old ratio of Anbu and Raju = 3:2 that is \(\frac{3}{5}: \frac{2}{5}\)
New ratio of Anbu, Raju and Akshai = 5 : 3: 2 that is \(\frac{5}{10}: \frac{3}{10}: \frac{2}{10}\)
Share sacrified = Old share - New share
\(\text { Anbu }=\frac{3}{5}-\frac{5}{10}=\frac{6-5}{10}=\frac{1}{10}\)
\(\mathrm{Raju}=\frac{2}{5}-\frac{3}{10}=\frac{4-3}{10}=\frac{1}{10}\)
Sacrificing ratio of Anbu and Raju is = \(\frac{1}{10}: \frac{1}{10}\) that is 1 : 1.

The old partners decide the share of profit of the new partner with mutual consent as they sacrifice their share of profit in favour of new partner.

Revaluation account is created profit items
i) Increase in value of assets
ii) Decrease in the value of liabilities
iii) Unrecorded assets now recorded

At the time of admission of a partner, the assets and liabilities are revalued so that the profit or arising on account of such revaluation mybe adjusted in the old partner's capital accounts in their profits sharing ratio and incoming partner may not be affected by the profit or loss on accorlnt of revaluation of assets & liabilities.

(i) Right to share in assets :- For this right, the partner brings an agreed amount of capital either in cash or kind.
(ii) Right to share in profits :- For acquiring this right this, the new partner brings some amount while is known as a premium (or share of goodwill)

According to section 31( 1) of the Indian Partnership Act 1932, "a person can be admitted only with the consent of all existing partners. In the event of admission of a new partner technically there is a dissolution of old partnership and reconstitution of a new partnership firm".

Revaluation account will be credited

10.

Revaluation account will be debited. Increase in bills payable is a loss for the firm. Being a nominal account, to record this loss, revaluation account will have to be debited.

11.

The individual other than minors who cannot be admitted by them are
(i) Person of unsound mind
(ii) Person of disqualified by law

12.

According to section 31 (1) of the Indian partnership Act 1932, a person can be admitted only with the consent of all the existing partners. A person who is admitted to the firm is known as an incoming or a new partner.

13.

A person may join as a new partner in an existing partnership firm. This is called admission of a partner.