Self Studies
Self Studies
Self Studies
Self Studies

Admission of a Partner Test - 7

Result Self Studies

Admission of a Partner Test - 7
  • Score

    -

    out of -
  • Rank

    -

    out of -
TIME Taken - -
Self Studies

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Self Studies Self Studies
Weekly Quiz Competition
  • Question 1
    1 / -0

    A and B are partners in a firm sharing profits and losses in the ratio of 3:2 They admit a new partner C. A surrenders 1/5 of his share and B 2/5 of his share in favor of C. For purpose of C’s admission, goodwill of the firm is valued at ₹75,000 and C brings his share of goodwill in cash which is retained in the firm’s books. Calculate sacrificing ratio of A and B

    Solution

    Calculation of sacrificing ratio:
    Old Share = 3:5
    A’s Sacrifice = 3/5 × 1/5 = 3/25
    B’s Sacrifice = 2/5 × 2/5 = 4/25
    Sacrificing Ratio = 3:4

  • Question 2
    1 / -0

    Anu and Babita are partners in a firm sharing profits and losses in the ratio of 3:2. On April 1, 2003 they admit Deepak as a new partner for 3/13 share in the profits. Deepak contributed the following assets towards his capital and for his share of goodwill: Land ₹90,000, machinery ₹70,000, stock ₹60,000 and debtors ₹40,000. On the date of admission of Deepak, the goodwill of the firm was valued at ₹5,20,000, which is not appear in the books. Calculate amount of goodwill brought in by new partner

    Solution

    Calculation of goodwill amount brought by new partner:
    Total goodwill of the firm Rs.5,20,000
    Deepak will bring = 5,20,000 × 3/13 = 1,20,000

  • Question 3
    1 / -0

    N and S are partners sharing profits and losses in the sates 2:1. They admit G as a partner for 1/4th Share. G pays ₹50,000 as capital but does not bring any amount for goodwill. The goodwill of the new firm is valued at ₹36,000. Calculate the amount to be credited to N for his sacrifice in the form of premium for goodwill.

    Solution

    Calculation of the amount to be credited to N:
    Old Ratio = 2:1
    New Ratio = 2:1:1
    Sacrifice Share of N = 2/3 – 2/4 = 2/12 and Sacrifice Share of S = 1/3 – 1/4 = 1/12
    Sacrificing Ratio = 2:1
    G’s share in goodwill = 36,000 × 1/4 = 9,000; N’s share = 9,000 × 2/3 = 6,000

  • Question 4
    1 / -0

    Anu and Ram were partners in a firm sharing profits and losses in the ratio of 7:3. They admitted Chander as a new partner. The new profit sharing ratio between Anu, Ram and Chander will be 2:2:1.Chander brought Rs. 24,000 for his share of his goodwill. Who is the gaining partner in the above transaction?

    Solution

    Calculation of a gainer partner:
    Old Ratio = 7:3
    New Ratio = 2:2:1
    Anu’s Sacrifice = 7/10 – 2/5 = 3/10
    Ram’s Gain = 3/10 – 2/5 = 1/10 Gain

  • Question 5
    1 / -0

    Ashok and Ravi were partners in a firm sharing profits and losses in the ratio of 7:3. They admitted Chander as a new partner. The new profit ratio between Ashok, Ravi and Chander will be 2:2:1.Chander brought Rs.24,000 for his share of his goodwill. Calculate the amount Ravi compensate to the Ashok share in the above transaction

    Solution

    Calculation of amount to be compensated:
    Old Ratio = 7:3
    New Ratio = 2:2:1
    Ashok’s Sacrifice = 7/10 – 2/5 = 3/10
    Ravi’s Gain = 3/10 – 2/5 = 1/10 Gain
    Ravi will compensate = 24,000 × 5/1 = 1,20,000 × 1/10 = 12,000

  • Question 6
    1 / -0

    Deferred revenue expenditure given in the Asset side of Balance sheet will be :

    Solution

    At the time of admission of a new partner all deferred revenue expenditures given in the old balance sheet will be debited to all the old partners (existing partners) in their capital/current accounts, in their old profit sharing ratio.

Self Studies
User
Question Analysis

  • Correct -

  • Wrong -

  • Skipped -

My Perfomance
  • Score

    -

    out of -
  • Rank

    -

    out of -
Re-Attempt Weekly Quiz Competition
Self Studies Get latest Exam Updates
& Study Material Alerts!
No, Thanks
Self Studies
Click on Allow to receive notifications
Allow Notification
Self Studies
Self Studies Self Studies
To enable notifications follow this 2 steps:
  • First Click on Secure Icon Self Studies
  • Second click on the toggle icon
Allow Notification
Get latest Exam Updates & FREE Study Material Alerts!
Self Studies ×
Open Now