Admission of a Partner Solutions Edition 2021

Reserve appearing in the Balance Sheet at the time of admission of a partner is distributed among partners in their ____________ Ratio.

At the time of admission, Gain (Profit) or Loss on revaluation isshared by the old partners in their ________________ ratio.

Revaluation Account is prepared at the time of _____.

Sacrificing ratio is computed at the time of___________.

At the time of admission, the assets are revalued and liabilities are reassessed. The increase or decrease in the values is debited or credited in ________________ Account.

At the time of admission of a partner new profit-sharing ratio is used for sharing future ___________.

In case of upward revaluation of a liability, Revaluation Account is ___________.

In the case of downward revaluation of an asset, Revaluation Account is ___________.

The Revaluation Account shows _______________ in Values of assets and liabilities.

Revaluation account is a __________________ account.

The newly admitted partner brings his / her share of capital for which he will get _______ in firm.

An amount previously written off as bad debt is promised to be paid by the debtor. The promised amount will not be credited to ______ Account.

For the distribution of revaluation profit in case firm is following Fixed Capital Accounts method is transferred to ________ accounts.

At the time of admission, if the book value and the market value of investment is same Investment Fluctuation Reserve is transferred to __________ account of the old partners in their ______________ ratio.

At the time of admission, if claim of Workmen Compensation ismore than the Workmen Compensation Reserve, the amount of Workmen Compensation Reserveand the claim is transferred to ______________________ account.

A and B are partners sharing profits and losses in the ratio of 3 : 2. A's capital is Rs. 60,000 and B's capital is Rs. 30,000. They admit C for 1/5thshare of profits. C should bring Rs. __________ as capital.

R and S are partners sharing profits equally. They admitted T for 1/3rd. share in the firm. New Profit-sharing Ratio will be.........................

A, B and C share profits and losses in the ratio of 3:2:1. On admission of D, they agree to share profits and losses in the ratio of 5:4:2:1.Sacrificing Ratio of A, B and C will be _________.

At the time of admission of a partner, if an unrecorded liability is recognized, it is debited in ___________ Account.

Balance sheet prepared after the new Partnership Deed, the assets and liabilities are shown at __________ if Revaluation Account is prepared.

When goodwill is not recorded in the books on the admission of a partner?

If the new partner does not brings in his share of goodwill in cash ______ account will be debited .

If the new partner brings in his share of goodwill in kind (Furniture), __________ account will be debited.

A and B are partners sharing profit and losses in the ratio of 3 : 2. They admit C for 1/5thshare of profits. The sacrificing ratio between A and B will be _______.

When new partner brings cash for goodwill , the amount is credited to:

Revaluation Account is a:

If the new partner brings his share of goodwill in cash , it will shared by old partner in:

On admission of a partner, which of the following items the Balance Sheet is transferred to the credit of Capital Accounts of old partners in the old Profit-sharing Ratio, if Capital Accounts are maintained following Fluctuating Capital Accounts Method.

The need of revaluation of assets and liabilities on admission.

If the new partner brings any additional amount of cash other than his capital contributions then it is termed as:

Goodwill of the firm is valued at Rs 1,00,000. Goodwill also appears in the books at Rs 50,000. C is admitted for ¼ Share. The amount of goodwill to be brought in by c will be:

The Credit Balance of Profits and Loss appears in the books at the time of admission of partner will be transferred to:

A and B are Partners sharing Profits in the ratio of 3:2. They Admit C for ¼ share who contributed Rs 30,000 for his share of goodwill. The total value of the goodwill of the firm will be:

The balance in the investment Fluctuation fund after meeting the fall in book value of investment, at the time of admission of partner will transferred to :

A and B are partners sharing profits in the ratio of 7 : 3. C is admitted as a new partner. "A" gave 1/7th of his share and "B" gave 1/3rd of his share to C. New Profit-sharing Ratio will be:

X and Y are partners sharing profits in the ratio 5 : 3. They admitted Z for 1/5th share in profits, for which he paid Rs. 1,20,000 as Capital and Rs. 60,000 as Goodwill. Capitals for each partner, taking Z's capital as base capital will be:

A and B are partners sharing profits and losses in the ratio 5 : 3. On admission, C brings by chequeRs. 70,000 as Capital and Rs. 48,000 as Goodwill. New Profit-sharing Ratio among A, B and C is 7 : 5 : 4. Sacrificing ratio between A and B is :

A and B are partners sharing profit and losses in the ratio of 3 : 2. A's capital is Rs. 1,20,000 and B's capital is Rs. 60,000. They admit C for 1/5thshare of profits. C should bring as his capital.

X and Y are partners sharing profits and losses in the ratio of 3:2. Z is admitted for 1/5th share in profits which he gets from X. New profit sharing ratio will be:

A and B are partners sharing profits in the ratio of 3 : 2. On admission of C for 1/5th share, Land is appreciated by 10% (Book Value Rs. 80,000), Building is decreased by 20% (Rs. 2,00,000), Unrecorded Debtors of Rs. 1,250 are bought in the books and Creditors of Rs. 2,750 need not be paid. The Gain (profit) /loss on revaluation will be:

A, B and C are partners sharing profits in the ratio of 4 : 3 : 2. D is admitted for 2/9th share of profits. He brings Rs. 30,000 as capital.New Profit-sharing Ratio is 3 : 2 : 2 : 2. Goodwill amount will be credited in the capital account of :

A, B and C share profits and Losses in the ratio, of 3 : 2 : 1. D is admitted for 1/6thshare which he gets from A. New ratio will be:

A and B are partners, sharing profits in the ratio of 5 : 3. They admit C for 1/5th share in profits, which he acquires equally from both A and B. New profit sharing ratio will be:

X and Y share profits and losses in the ratio of 4 : 3. The admit Z in the firm for 3/7th share which he gets 2/7th from X and 1/7th from Y. New Profit-sharing Ratio will be :

A, B and C are partners sharing profits in a ratio of 3 : 2 : 1. They admit D as a partner in the firm. A, B and C give 1/3rd, 1/6th, 1/9th share of their respective profits. The share of profit of D will be:

A, B and C are equal partners, they wanted to change the profit-sharing ratio to 4 : 3 : 2. They raised the goodwill to Rs. 90,000. The affected accounts will be:

R and S are partners sharing profits in the ratio of 5 : 3. T joins the firm and R gives him 1/4th of his share and S gives 1/5th of his share to him. New Profit-sharing Ratio will be:

X and Y are partners sharing profits in the ratio of 3 : 1. They admit Z as a partner who pays Rs. 4,000 as Goodwill. New Profit-sharing Ratio being 2 : 1 : 1 among X, Y, Z. Goodwill will be credited to:

Amit and Anil are partners sharing profits in the ratio of 5 : 3 having capitals of Rs. 2,50,000 and Rs. 2,00,000 respectively. Atul was admitted as a partner for 1/5th share in profits who brings Rs. 50,000 as Capital and Rs. 16,000 as Goodwill. Capitals are to be in proportion to the profit-sharing ratio based on Atul’s share. Capitals of Amit, Anil and Atul respectively after admission of Atul will be:

A and B are partners. C is admitted for 1/5thshare. C brings Rs. 1,20,000 as his share in Capital. The net worth of the firm is:

A and B share profits equally. They admit C for 1/7th share. The New Profit-sharing Ratio of A and B is:

A, B, C and D are partners. They change their profit sharing ratio to 2 : 2 : 1 : 1. C’s sacrifice is

X and Y are partners. Z is admitted as a partner for 1/7th share. New Profit-sharing Ratio will be:

A and B are partners sharing profits in the ratio of 3 : 2. A's Capital is Rs. 30,000 and B's Capital is Rs. 15,000. They admit C for 1/5th share of profits. C will bring as his capital

In the absence of agreement, consent of all partners is required to admit a partner.

A and B are partners. C is admitted with a guaranteed profit of Rs. 10,000 from A. new profit-sharing ratio is 3:2:1. Profit for the year 2018 –19 is Rs. 1,20,000. C will get

A and B share profits and losses in the ratio of 3: 2. Their respective capitals are Rs. 1,20,000 and Rs. 54,000. C is admitted for 1/3rd share in profits who brings Rs. 75,000 as his share of capital. Capitals of A and B to be adjusted according to C’s share. A will withdraw from the capital?

A and B share profits in the ratio of 3: 4. C is admitted for 1/5th share. New Profit-sharing ratio will be

A and B share profits in the ratio of 3:2. A’s capital is Rs. 48,000, B’s capital is Rs. 32,000. C is admitted for 1/5th share in profits. C will bring as his Capital

New partner may bring his share of goodwill premium in kind.

New partner may or may not contribute Capital at the time of admission.

In case of admission of a partner, all existing partners sacrifice.

Self-generated Goodwill is recorded in the books of accounts and shown in the Balance Sheet as an asset as per Accounting Standard -26, Intangible Assets.

Goodwill is an intangible current asset.

Increase in Provision for Doubtful Debts will be credited to Revaluation Account.

Claims of Workmen Compensation if more than Workmen Compensation Reserve is debited to Revaluation Account

The goodwill brought at the time of admission of partner will be distributed among all the partners in new Profit-sharing Ratio.

At the time of admission of partner, the partnership firm is dissolved.