CBSE 12th Accountancy - Reconstitution of a Partnership Firm - Admission of a Partner Three Marks Questions | QB365

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CBSE 12th Accountancy - Reconstitution of a Partnership Firm - Admission of a Partner Three Marks Questions

Published on: 20/09/2019

Reconstitution of a Partnership Firm - Admission of a Partner

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Questions:

Generic 3

14 x 3 = 42

At what figures, the assets and liabilities appear in the books of reconstituted firm in case a revaluation account is not prepared?

At what figures, the assets and liabilities appear the books of reconstituted firm in case a revaluation account is prepared?

State the ratio in which the old partners share gain or loss arising from revaluation of assets and liabilities at the time of admission of a partner.

Why is sacrificing ratio calculated in case of admission of a partner?

Pawan and Jayashree are partners. Bindu is admitted for 1/4th share. What is the ratio in which pawn and Jayashree will sacrifice their share of profit in favour of Bindu?

Why does a new partner bring will into firm?

State with reason, whether at the time of admission of a partner, partnership is dissolved or partnership firm is dissolved.

How is a new partner admitted to the firm?

A and B were partners in a firm sharing profits in the ratio of 3:2. They admitted C and D as new partners. The new profit sharing ratio will be 2:2:1:1. C and D brought Rs.2,75,000 each for their respective capitals and also necessary amount of premium for goodwill in cash. Goodwill was valued at Rs.2,40,000 for the firm. Calculate sacrificing ratio of A and B and pass necessary journal entries for the above transactions in the books of the firm.

10.

L and M were partners in a firm sharing profits in 4:3 ratio. They admitted O as a new partner. The new profit sharing ratio of L,M and O will be 3:3:4. O brought Rs.2,00,000 for his capital. The goodwill of the firm on O's admission was valued at Rs.70,000. O brought his share of goodwill in cash. Calculate sacrificing ratio of L and M and pass necessary journal entries for the above transactions on O's admission.

11.

B and C were partners in a firm sharing profits and losses in the ratio of 4:3. They admitted D as a new partner for 1/4th share in the profits which he acquired from B and C in 3:4ratio. D brought Rs.1,80,000 for his capital and Rs.42,000 for his 1/4th share in goodwill. Calculate new profit ratio of B,C and D and pass necessary journal entries for the above transactions on D's admission in the books of the firm.

12.

E and F were partners in a firm sharing profits in the ratio of 3:1. They admitted G as a new partner on 1.3.2005 for 1/3 share. It was decided that E, and G will share future profits equally. G brought Rs.50,000 in cash and machinery worth Rs.70,000 for his share of profit as premium for goodwill. Showing your calculations clearly, pass necessary journal entries in the books of the firm.

13.

A and B are partners in a firm sharing profits in the ratio of 5:3. They admit C into the partnership for 3/10th share in profits which he takes 2/10th from A and 1/10th from A and 1/10th from B. C brings in Rs.3,000 as premium in cash out of his share of Rs.7,800. Goodwill account does not appear in the books of A and B. Give the necessary journal entries in the books of the new firm.

14.

A and B are partners in a firm sharing profits and losses in the ratio of 3:2. They admit C into partnership for 1/5th share. C brings Rs.30,000 as capital and Rs.10,000 as goodwill. At the time of admission of C goodwill appears in the balance sheet of A and B at Rs.3,000. New profit sharing of the partners shall be 5:3:2. Pass necessary entries in the books of new firm.

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Answers Key:

Generic 3

14 x 3 = 42

When revaluation account is not prepared, the assets and liabilities appear in the balance sheet of new firm at their old figures.

When revaluation account is prepared, the assets and liabilities appear in the balance sheet of new firm at their revised (Revalued) figures.

At the time of admission of a partner, old partners share gain or loss arising from revaluation of assets and liabilities in their old profit sharing ratio.

sacrificing ratio is calculated to determine the amount of compensation to be paid by the incoming partner to the sacrificing partners.

Pawan and Jayashree will sacrifice their share of profit in their old profit sharing ratio in favour of Bindu.

A new partner brings in goodwill into the firm to acquire the right to share the future profits of the firm.

At the time of admission of a partner, partnership is dissolved and not the partnership firm because the firm continues to carry on its business.

A new partner can be admitted into the firm, as per the terms of the partnership deed or with the consent of all the partners.

(i) Dr.Bank A/c Rs.6,30,000; Cr C's Capital A/c Rs.2,75,000, D's Capital A/c by Rs.2,75,000 and Premium for Goodwill Rs.80,000.
(ii) Dr.premium for Goodwill A/c Rs.80,000; Cr.A/c Rs.64,000 and B's Capital A/c Rs.16,000.
[Hint: Sacrificing Ratio 4:1,C's and D's share of goodwill =Rs.40,000(i.e.,Rs.2,40,000x1/6)each]

10.

Sacrificing ratio of L and M 19:9, O's share of goodwill =Rs.70,000 X 4/10=Rs.28,000.
(i) Dr.Bank A/c Rs.2,28,000; Cr.O's Capital A/c Rs.2,00,000 and premium for Goodwill A/c Rs.28,000.
(ii) Dr.Premium for Goodwill A/c Rs.28,000; Cr.L's Capital A/c Rs.19,000 and M's Capital A/c Rs.9,000.

11.

New ratio 13:8:7 sacrificing ratio 3:4(given)
(i) Dr.Bank A/c Rs.2,22,000; Cr.D's Capital A/c Rs.1,80,000 and premium for goodwill A/c Rs.42,000.
(ii) Dr.Premium for Goodwill A/c Rs.42,000; Cr.B's Capital A/c Rs.18,000 and C's Capital A/c Rs.24,000.

12.

(i) Dr.Cash A/c Rs.50,000 and Machinery A/c Rs.70,000; Cr.Premium for Goodwill A/c Rs.1,20,000.
(ii) Dr.Premium for Goodwill A/c Rs.1,20,000 and F's capital A/c Rs.30,000; Cr.E's Capital A/c Rs.1,50,000.
[Hint: (i)E's sacrifies 5/12 and F's gain 1/12. (ii)F's share of goodwill Rs.1,20,000X3/1X1/12=Rs.30,000]

13.

(i) Dr.Cash A/c, Cr.Premium for Goodwill A/c by Rs.3,000
(ii )Dr.Premium for Goodwill A/c Rs.3,000 and C's Current A/c Rs.4,800; Cr.A's Capital A/c Rs.5,200 and B's Capital A/c Rs.2,600(in sacrificing ratio 2:1)

14.

(i) Dr.Bank A/c by Rs.40,000; Cr. C's Capital A/c by Rs.30,000 and premium for Goodwill A/c Rs.10,000
(ii) Dr.Premium for Goodwill A/c Rs.10,000; Cr.A's capital A/c and B's capital A/c Rs.5,000 each in their sacrificing ratio 1:1
(iii) Dr.A's Capital A/c Rs.1,800 and B's Capital A/c Rs.1,200; Cr.Goodwill Rs.3,000.