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Admission of a Partner Test - 2

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Admission of a Partner Test - 2
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Weekly Quiz Competition
  • Question 1
    1 / -0

    Why a new partner is admitted in the firm?

    Solution

    The main purpose of admission of a new partner is to increase the capital of the firm. When old partners feel that the capital they have employed in the business is not enough for the future growth of the business. They may admit a new partner to maintain or to build up the financial strength of the business.

     

  • Question 2
    1 / -0

    Ram, Ramesh and Rajesh are partners in a business sharing profits and losses in the ratio 3:2:1. Rajesh retires and both the existing partners agree to share profits in the ratio 2:1 .Later Rajesh requests the other partners that his physically challenged son should be inducted as a partner in his place. After discussing it amongst themselves both the partners, Ram and Ramesh agree to take his son as a partner. Identify the values which should have been incorporated while formulating partnership

    Solution

    This is the moral duty of Ram and Ramesh to admit Rajesh’s son into the partnership firm. It shows faith and trust amongst the partners for each other. By admitting Rajesh’s son they have shown righteous behavior and respect for the humanity

     

  • Question 3
    1 / -0

    The amount of goodwill brought in by the new partner is shared by the ____ partners in their ____ ratio

    Solution

    The amount of premium for goodwill brought in by the new partner will be shared ONLY by the  sacrificing partners in their sacrificing ratio.

     

  • Question 4
    1 / -0

    DK and SK are partners sharing profits in the ratio of 4:1. They admit PK as a new partner for 1/4th share in future profits, which he wholly acquired form DK. Find out new ratio.

    Solution

    Calculation of new ratio:

    PK’s share = 1/4

    DK’s new share will be = 4/5 – 1/4 = 11/20

    SK’s new share = 1/5

    New profit sharing ratio = 11:4:5

     

  • Question 5
    1 / -0

    How will you calculate sacrificing ratio

    Solution

    Sacrificing ratio refers to that ratio in which old partners will sacrifice their share in the favour of a new partner. To calculate the sacrificing ratio new share should be deducted from the old share of the existing partners’ i.e. old ratio – new ratio.

     

  • Question 6
    1 / -0

    Incoming partner may acquire his share from the old partners

    (i) In their old profit sharing ratio

    (ii) In a particular ratio

    (iii) In particular fraction from some of the partners

    In which of the above mentioned alternatives

    Solution

    A newly admitted partner may acquire his share of profit from one partner or two partners or from all partners in an agreed ratio. He may acquire his share in old ratio of the partners or in an agreed ratio for sacrifice. 

     

  • Question 7
    1 / -0

    A & B are partners sharing profits in the ratio 1:1. C wants to join their firm as it enjoys a good reputation in the industry. A and B were initially reluctant to his admission but agreed to admit him for 1/5th share in profits. For this, they ask him to pay an unreasonable amount of goodwill in cash irrespective of his share in the profits. Otherwise he will not be admitted as a partner. What values are being overlooked by the firm at the time of C’s admission?

    Solution

    When a new partner is admitted into a partnership firm, he has to bring some amount (other than capital) as premium for goodwill. But old partners may exempt this amount and they may allow him to join without paying premium for goodwill. In this case C will bring his amount of goodwill but old partners have should have shown some respect towards profession.

     

  • Question 8
    1 / -0

    Ram and Shyam are partners in a firm sharing profits in the ratio of 3:2. They admit Ghanshyam as a partner. Ram Surrendered 1/4th of his share and Shyam 1/3rd of his share in favor of Ghanshyam. Find out the new ratio.

    Solution

    Calculation of new ratio:

    Ram’s old Share 3/5 and Shyam’s old share 2/5

    Share surrendered by Ram = 1/4th of 3/5 = 3/20

    Ram’s new share = 3/5 -3/20 = 9/20

    Share Surrender by Shyam = 1/3 of 2/5 = 2/15

    Shyam’s new share = 2/5 – 2/15 = 4/15

    New Ratio : 27:16:17

     

  • Question 9
    1 / -0

    Admission of a partner is one of the mode of reconstituting the firm under which

    Solution

    Admission of a partner is one of the methods of reconstitution of a firm.  It means, it is the end of old partnership and beginning of a new partnership between all the partners including the new partner.

     

  • Question 10
    1 / -0

    With the ___ into the firm number of partner increase

    Solution

    Number of partners in a firm will increase when a new partner is admitted i.e. old partners + new partner.

     

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