12th Standard Accountancy English Medium - Admission of a Partner 3 Mark Creative Question Paper and Answer Key 2022 - 2023 | QB365

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12th Standard Accountancy English Medium - Admission of a Partner 3 Mark Creative Question Paper and Answer Key 2022 - 2023

Published on: 01/09/2022

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Questions:

Generic 3

5 x 3 = 15

Anandan and Bhaskarall were partners in a firm sharing profit and loss in the ratio 3 : 2 Admit Chandran 1/3^rd share, the old partners sacrificing equally. calculate new profit ratio and sacrificing ratio.

R and S are partners ratio of 5:1. They admit 'T' into the partnership for 1/3^rd share in the profits. If was agreed that R and S would also qhare profits equally. 'T' brought Rs. 1,00,000 as goodwill for his share of profit and Rs. 2,00,000 as his capital. Show the journal entries.

X and Y are partners sharing ratio of 3 : 2. They admit Z into partnership. Z paying a premium of Rs. 2,000 for 1/4^th share of profit. The new ratio is 3, 3: 2 Good will of firm appears Rs. 20,000 journalise.

A and B are partners sharing profit and losses ratio 5 : 3. They admit 'C' as a partner. 'c' acquires his share 4/20 from 'A' and 2/20 from 'B'. Find out the new profit sharing ratio and sacrificing ratio.

A and B are partners sharing profits ratio of 5 : 3 They decide to admit C into firm 1/6^th share. Calculate new profit sharing ratio and sacrificing ratio.

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Answers Key:

Generic 3

5 x 3 = 15

New Profit ratio = Old Share - Sacrifice

	Ananda	Bhaskara	Chandran
Old Ratio	3	: 2
Old share	\(\frac{3}{5}\)	: \(\frac{2}{5}\)
Sacrifice	\(\frac{1}{3} \times \frac{1}{2}\)	: \(\frac{1}{3} \times \frac{1}{2}\)
	= \(\frac{1}{6}\)	: \(\frac{1}{6}\)
New share	\(\frac{3}{5}-\frac{1}{6}\)	: \(\frac{2}{5}-\frac{1}{6}\)	: \(\frac{1}{3}\)
	\(\frac{18-5}{30}\)	: \(\frac{12-5}{30}\)	: \(\frac{1}{3}\)
	\(\frac{13}{30}\)	: \(\frac{7}{30}\)	: \(\frac{10}{30}\)
New ratio = 13 :7 : 10

Sacrifice Ratio: Sacrifice = Old share - New share
Anandan Sacrifice = \(\frac{3}{5}-\frac{13}{30}=\frac{18-13}{30}=\frac{5}{30}\)
Bhaskaran Sacrifice = \(\frac{2}{5}-\frac{7}{30}=\frac{12-7}{30}=\frac{5}{30}\)
Sacrificing = \(\frac{5}{30}: \frac{5}{30}=5: 5=1: 1\)
New ratio - 13 : 7 : 10 ; Sacrificing ratio = 1 : 1

Calculation of sacrificing ratio
Sacrifice = Old share - New share
R's sacrifice = \(\frac{5}{6}-\frac{1}{3}=\frac{15-6}{18}=\frac{9}{18}\)
S's sacrific =\(\frac{1}{6}-\frac{1}{3}=\frac{3-6}{18}=-\frac{3}{18}\)
R alone sacrifice share of profit & 'S' gains
Goodwill to be paid by S for his gain
For \(\frac{1}{3}\) profit 'T' pays Rs. 1,00,000 as goodwill.
\(\therefore\) For gain of \(\frac{3}{18}\) or \(\frac{1}{6}\) .'S' should pay Rs. 50,000.

Particulars	LF	Debit	Credit
Cash A/c	3,00,00
To T's Capital A/c			2,00,000
To Goodwill A/c			1,00,000
(Capital and goodwill brought in cash
by new partner)
Goodwill A/c		1,00,000
S's Capital A/c		50,000
To R's Capital A/c			1,50,000
(goodwill credited to 'R who alone sacrifice after debiting 'S' who also gained in profit sharing ratio

Calculation of Sacrificing ratio
Sacrifice = Old share - New share
X's Sacrifice = \(\frac{3}{5}-\frac{3}{8}=\frac{24-15}{40}=\frac{9}{40}\)
Y's Sacrifice = \(\frac{2}{5}-\frac{3}{8}=\frac{16-15}{40}=\frac{1}{40}\)
Sacrifice Ratio = 9 : 1

Particulars		Debit	Credit
(i) Cash A/c	Dr	20,000
To Good will A/c			20,000
(Amotrnt of goodwill brought in cash by new partner)
(ii) Goodwill A/c	Dr	20,000
To X's Capital A/c			18,000
To Y's Capital A/c			2,000
(Amount Credited in sacrificing,ratio)
(iii) X's Capital A/c	Dr	12,000
Y's Capital A/c	Dr.	8,000	20,000
(Old value of goodwill written off in old ratio)

Sacrifice ratio - 9: 1

'A' share = \(\frac{5}{8}\) , Sacrificing to \(C=\frac{4}{20}\)
As new share = \(\frac{5}{8}-\frac{4}{20}=\frac{100-32}{160}=\frac{68}{160}\)
B's old share = \(\frac{3}{8}\) , B's Sacrifice to \(C=\frac{3}{20}\)
B's new share = \(\frac{3}{8}-\frac{2}{20}=\frac{60-16}{160}=\frac{44}{160}\)
C's share = \(\frac{4}{20}+\frac{2}{20}=\frac{6}{20} \text { (or) } \frac{48}{160}\)
New ratio of A, B, C = 68 : 44 : 48
= 17 : 11 : 12
Sacrifice ratio = 4 : 2 = 2 : 1
New ratio of A, B, C - 68 : 44 : 48 (or)17 : 11 : 12 Sacrifice ratio - 4 : 2 = 2 : 1

Let Total profit of the new firm = 1
Share of 'C' is = \(\frac{1}{6} \text { Reminder }=1-\frac{1}{6}=\frac{5}{6}\)
A's new ratio = \(\frac{5}{6} \times \frac{5}{8}=\frac{25}{48}\)
B's new ratio = \(\frac{5}{6} \times \frac{3}{8}=\frac{15}{48}\)
C's new ratio = \(\frac{1}{6} \times \frac{8}{8}=\frac{8}{48}\)
New ratio = 25 : 15 : 8
Sacriftcing Ratio = Old Ratio - New Ratio
\(A=\frac{5}{8}-\frac{25}{48}=\frac{30-25}{48}=\frac{5}{48}\)
\(B=\frac{3}{8}-\frac{15}{48}=\frac{18-15}{48}=\frac{3}{48}\)
Sacrificing Ratio = 5:3
Newratio - 25: 15:8 ; Sacrificing ratio - 5:3