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Published on: 23/09/2019
Reconstitution of a Partnership Firm - Admission of a Partner
Download CBSE Class 12th Standard CBSE Accountancy question papers, sample papers, important questions, and previous year solved papers in PDF format. Get free study materials, NCERT solutions, and exam preparation resources for Class 12th Standard CBSE Accountancy
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Take MCQ Accountancy Test
1.
VK and PK were partners in a firm sharing profits in the ratio of 3:2 respectively. On 31st March, 2015, their balance sheet was under
Balance Sheet
as at 31st March, 2015
| Liabilities | Amt (RS) | Assets | Amt (RS) | ||
|---|---|---|---|---|---|
| Creditors | Cash | 2,500 | |||
| Investments Fluctuation Fund | Debtors | 10,000 | |||
| Capital A/cs | (-) Provision for Doubtful Debts | (350) | 9,650 | ||
| VK | 20,000 | Stock | 12,500 | ||
| RK | 15,000 | 35,000 | Plant | 17,500 | |
| Bank Loan | 10,000 | Patents | 10,350 | ||
| Investments | 10,000 | ||||
| Goodwill | 4,000 | ||||
| 66,500 | 66,500 | ||||
BK was admitted as a new partner on the following conditions.
(i) BK will get 4/15th share of profits.
(ii) BK had to bring RS.15,000 as his capital.
(iii) BK would bring premium in cash based on 21/2 years' purchase of average profit of last 4 years.
(iv) The profits of the firm for the years ending 31st March, 2012, 2013, 2014 were RS.10,000, RS.7,000, RS.8,500 and RS.7,500 respectively.
(v) Stock was valued at RS.10,000 and provision for doubtful debts was raised upto RS.500.
(vi) Plant was revalued at RS.20,000.Prepare revaluation account partners' capital accounts and balance sheet.
2.
(a)A and B are partners in a firm sharing profits in the ratio of 3:2. C is admitted as a partner. A and B surrender 1/2 of their respective shares in favour of C. Find the new profit sharing ratio and also the sacrificing ratio.
(b)C is a bring his share of premium for goodwill in cash. The goodwill of the firm is estimated at Rs.40,000. Pass necessary entries for the record od goodwill in the above case.
3.
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.
4.
P and Q are partners in a firm sharing profits in the ratio of 7:5. They admit R as a partner in the firm. The new profit sharing ratio among P,Q and P,Q and R is 1:1:2. Calculate the sacrificing ratio.
5.
Balance sheet of L and R who share profits and losses in the ratio of 3:2 as at 31st March, 2015 was
Balance Sheet
| Liabilities | Amt (RS) | Assets | Amt (RS) | |
|---|---|---|---|---|
| Sundry Creditors | 13,000 | Cash at Bank | 1,000 | |
| Bills Payable | 3,500 | Cash in Hand | 500 | |
| Reserves | 3,500 | Debtors | 2,000 | |
| Profit and Loss A/c | 2,000 | Stock | 10,000 | |
| Capital A/cs | Tangible Fixed Assets | 13,000 | ||
| L | 4,800 | Goodwill | 2,500 | |
| R | 3,200 | 8,000 | Advertisement Expenditure | 1,000 |
| 30,000 | 30,000 | |||
They agreed to take K as a partner from 1st April, 2015 for 1/5th share in the profits of the firm. K brings in RS.6,000 as his capital. Give journal entries to record the goodwill.
6.
Asha and Nisha are partners sharing profits in the ratio of 2:1. Asha's son Ashish was admitted for 1/4th share, of which 1/8th was gifted by Asha to her son. The remaining was contributed by Nisha. Goodwill of the firm is valued at RS.40,000. How much of the goodwill will be credited to the old partner's capital accounts?
7.
A, B and C are partners sharing 3:2:2 ratio. They admitted D as a new partner for 1/5th share which he acquired from A, B and C in 2:2:1 ratio respectively. Calculate new profit sharing ratio.
8.
A and B are partners sharing profits in the ratio of 5:3. They admit C for 1/4th share and agree to share future profits between them in the ratio of 2:1. Calculate new profit sharing ratio and sacrificing ratio.
9.
A and B are partners sharing profits in the ratio of 3:2. They admit C for a share which equals 20 paise in a rupee. Calculate new profit sharing ratio and sacrificing ratio.
1.
Loss on revaluation=RS.150; Capitals: VK=RS.23,210, RK=RS.17,140, BK=RS.15,000;
Balancesheet total=RS.82,850
2.
(a)New Ratio 3:2:5, Sacrificing ratio 3:2, C's share of a goodwill=Rs.40,000X5/10=Rs.20,000.
(b)(i)Dr.Bank A/c, Cr.Premium for goodwill A/c by Rs.20,000
(ii)Dr.Premium for Goodwill A/c Rs.20,000; Cr.A's Capital A/c Rs.12,000 and B's Capital A/c Rs.8,000
3.
(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]
4.
Sacrificing Ratio between P and Q is 4:2 or 2:1.
5.
Value of goodwill=RS.14,000; Sacrificing ratio=3:2
6.
RS.5,000 each
7.
New profit sharing ratio=61:36:43:35
8.
New profit sharing ratio=2:1:1 ;
Sacrificing ratio=1:1
9.
New profit sharing ratio=12:8:5;
Sacrificing ratio=3:2
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