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12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 3 Mark Questions with Solution Part - I

Published on: 02/06/2021

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Std: 12th Standard - Accountancy

chapter: - Book back Questions

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Questions:

Generic 5

1 x 5 = 5

Seenu and Siva are partners sharing profits and losses in the ratio of 5:3. In the view of Kowsalya admission, they decided
(a) To increase the value of building by Rs. 40,000.
(b) To bring into record investments at Rs. 10,000, which have not so far been brought in to account.
(c) To decrease the value of machinery by Rs. 14,000 and furniture by Rs. 12,000.
(d) To write off sundry creditors by Rs. 16,000.
Pass journal entries and prepare revaluation account

Generic 3

4 x 3 = 12

Varun and Barath are partners sharing profits and losses 5:4. They admit Dhamu into partnership. The new profit sharing ratio is agreed at 1:1:1. Dhamu’s share of goodwill is valued at Rs. 15,000 of which he pays Rs .10,000 in cash. Pass necessary journal entries for adjustment of goodwill on the assumption that the fluctuating capital method is followed.

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.

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.

Deepak, Senthil and Santhosh are partners sharing profits and losses equally. They admit Jerald into partnership for 1/3 share in future profits. The goodwill of the firm is valued at Rs.45,000 and Jerald brought cash for his share of goodwill. The existing partners withdraw half of the amount of their share of goodwill. Pass necessary journal entries for adjusting goodwill on the assumption that the fluctuating capital method is followed.

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Answers Key:

Generic 5

1 x 5 = 5

Journal Entry
Particulars		Debit Rs.	Credit Rs.
Building A/c	Dr	70,000
Investment A/c	Dr	20,000
Sundry creditors A/c	Dr	16,000	1,06,000
To Revaluation A/c
(Profit items enterd in credit side)
Revaluation Alc	Dr	26,000
To Machinery A/c			14,000
To Furniture A/c			12,000
(Loss items enterd in credit side)
Revaluation A/c	Dr	70,000
To Seenu's capital A/c			43,750
To Siva's capital A/c			26,250
(old partner's capital in old ratio)

Dr Revaluation A/c Cr
Particulars	Rs.	Rs.	Particulars	Rs.
To Machinery A/c		14,000	By Building A/c	70,000
To Furniture A/c		12,000	By Investment A/c	20,000
To Profit on revaluation transferred to			By Sundry creditor A/c	16,000
Seenu's capital A/c	43,750
Siva's capital A/c	26,250	70,000
		1,06,000		1,06,000

Generic 3

4 x 3 = 12

Calculation of sacrificing ratio
Sacrificing ratio = Old share - New share
Varun \(=\frac { 5 }{ 9 } =\frac { 1 }{ 3 } =\frac { 5-3 }{ 9 } =\frac { 2 }{ 9 } \)
Bharath \(=\frac { 4 }{ 9 } =\frac { 1 }{ 3 } =\frac { 4-3 }{ 9 } =\frac { 1 }{ 9 } \)
Therefore, sacrificing ratio is 2 : 1

Journal Entry
Particulars	Debit Rs.	Credit Rs.
Cash A/c Dr	10,000
Damn's capital A/c Dr	5,000
To Varun's capital A/c (2/3)		10,000
To Bharath's Capital A/c (1/3)		5,000
(Share of goodwill of Damu credited to old partner's capital account)

As the sacrifice made by the existing partners is not mentioned, it is assumed that they sacrifice in their old profit sharing ratio of 4 : 1. Therefore sacrificing ratio is 4 : 1
Manos share of goodwill = 25,000 x \(\frac{2}{5}\)
= Rs. 10,000

Journal Entry
Particulars	Debit Rs.	Credit Rs.
Manos capital A/c Dr	10,000
To Anu's capital A/c \((\frac{4}{5})\)		8,000
To Arul's capital A/c \((\frac{1}{5})\)		2,000
(Mano's share of goodwill created to the old partner's capital account in the sacrificing ratio)

Calculation of sacrificing ratio
Sacrificing ratio = Old share - New share
Malathi \(=\frac { 5 }{ 9 } -\frac { 3 }{ 6 } =\frac { 30-27 }{ 54 } \)
\(=\frac { 3 }{ 54 } =\frac { 1 }{ 18 } \)
Shobana \(=\frac { 4 }{ 9 } -\frac { 2 }{ 6 } =\frac { 24-18 }{ 54 } =\frac { 6 }{ 54 } =\frac { 2 }{ 18 } \)
Therefore sacrificing ratio is \(\frac { 1 }{ 18 } :\frac { 2 }{ 18 } \) (or) 1:2

Journal Entry
Particulars	Debit Rs.	Credit Rs.
Bank A/c Dr	6,000
To Malathi's current A/c (1/3)		2,000
To Shoban's current A/c (2/3)		4,000
(Cash brought for goodwill credited to old partners capital account in sacrificing ratio)

Ierald's share of goodwill = 45,000\(\times \frac{1}{3}\)
Rs. 15,000
As the sacrifice made by the existing partners is not mentioned, it is assumed that they sacrifice in their old profit sharing ratio is 1 : 1 : 1

Journal Entries
Particulars	Debit Rs.	Credit Rs.
Bank A/c Dr	15,000
To Deepaks capital A/c		5,000
To Senthil's Capital A/c		5,000
To Santhosh's capital A/c		5,000
(Cash brought for goodwill credited to Old partner's capital account in sacrificing ratio)
Deepak's capital A/c Dr	2,500
Senthil's Capital A/c Dr	2,500
Santhosh's Capital A/c Dr	2,500
To Bank A/c		7,500
(Cash withdrawn by the partners)