Practice Test

Q1) A and B are partners sharing profit and losses in the ratio 5:3 .they admitted C and agreed to give him 3/10th of the profit . What is the new ratio after C's admission Show Answer

Q2) A and B are partners sharing profit and losses in the ratio 5:3 .they admitted C and agreed to give him 3/10th of the profit .if C acquires 1/5th share from A 1/10th from B ,new profit sharing ratio will be Show Answer

Q3) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C and agreed to give him 1/4 the of the profit .C contributes Rs.15,000 as his capital Find the required capital of A and B if capital should be in the profit sharing ratio taking C's as base capital Show Answer

Q4) A , B and C are partners sharing profit and losses in the ratio 6: 3:3 .they admitted D and agreed to give him 1/8 the of the profit .what is the new ratio Show Answer

Q5) A and B are partners sharing profit and losses in the ratio 5:3 .they admitted C and agreed to give him 1/5 the of the profit .C contributes Rs.1,20,000 as his capital, and Rs.60,000 as goodwill. Find the required capital of A and B if capital should be in the profit sharing ratio taking C's as base capital Show Answer

Q6) A and B are partners sharing profit and losses in the ratio 3:2 ( A's capital is Rs.30,000 & B's capital is Rs.15,000) They admitted H and agreed to give him 1/5 the of the profit .How much H should bring in towards his capital Show Answer

Q7) O and P are partners sharing profit and losses in the ratio 3:2 .they admitted U as a new partner. U contributes Rs.25,000 as his capital, and Rs.10,000 as goodwill. New profit is 1:1:1. In what ratio will this amount will be shared among the old persons O & P Show Answer

Q8) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C as a new partner .C contributes Rs.25,000 as his capital, and Rs.10,000 as goodwill. New profit is 1:1:1. C is able to bring Rs.30,000 only .How this will be treated in the books of the firm Show Answer

Q9) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C as a new partner .C contributes Rs.25,000 as his capital, and Rs.10,000 as goodwill. New profit is 1:1:1. C is able to bring only his share .How this will be treated in the books of the firm Show Answer

Q10) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C as a new partner .C contributes Rs.25,000 as his capital, and Rs.10,000 as goodwill. New profit is 1:1:1. C is able to bring only his share to compensate to A &B outside the firm. How this will be treated in the books of the firm Show Answer

Q11) Profit or loss on revaluation is shared among the partner in the ratio Show Answer

Q12) A and B are partners sharing profit and losses in the ratio 5:3 .They admitted C as a new partner .C would pay Rs.50,000 as his capital, and Rs.16,000 as goodwill. for 1/5th share of profit. Machinery would be appreciated by 10% (book value Rs.80,000) & building would be depreciated by 20% (Rs.2,00,000).unrecorded debtors of Rs.1,250 would be bought into the books now & a creditors amounting to Rs.2,750 died and need not pay anything to its estate .find the distribution of profit & loss on revaluation between A,B & C Show Answer

Q13) A and B are partners sharing profit and losses in the ratio 5:3 , A's capital is Rs.50,000 & B's capital is Rs.30,000 ;Reserve fund Rs.15,000.They admitted C as a new partner .C contributes Rs.25,000 to the firm for 1/6 the share in the partnership from the existing partners A & B in the ratio of 3:2 for Rs.25,000,find closing capital of C Show Answer

Q14) J and K are partners sharing profit and losses in the ratio 5:3 , J's capital is Rs.2,50,000 & K's capital is Rs.2,00,000 ;.They admitted O as a new partner .O contributes Rs.50,000 as his capital, and Rs.16,000 as goodwill for 1/5 the share in the profit , find the balance of capital account after admission of O Show Answer

Q15) S & D share profit and losses equally. They admit C as an equal partner & assets were revalued as follows :Goodwill at Rs.30,000 (book value NIL). Stock at Rs.20,000 (book value Rs.12,000);machinery at Rs.60,000 (book value Rs.55,000) .C is to bring in Rs.20,000 as his capital & the necessary cash towards his shares of goodwill. Goodwill account will not remain in the books .Find the profit /loss on revaluation to be shared among S,D & C. Show Answer

Q16) S & D share profit and losses equally. They admit C as an equal partner & revalued :Goodwill at Rs.30,000 (book value NIL) .C is to bring in Rs.20,000 as his capital & the necessary cash towards his shares of goodwill. Goodwill account will not remain in the books .what will be the effect of goodwill in the partner's capital account Show Answer

Q17) W & G share profit and losses equally. They admit T as an equal partner & revalued :Goodwill at Rs.30,000 (book value NIL) .T is to bring in Rs.20,000 as his capital & the necessary cash towards his shares of goodwill. Goodwill account will not remain in the books .if profit on revaluation is Rs.13,000 . Find closing balance capital account Show Answer

Q18) P & Q are partners sharing profit in the ratio of 2:1.R is admitted to the partnership w.e.f 1st April on the terms that he will bring in Rs.20,000 as his capital & for 1/4th shares he pays Rs.9,000 for goodwill ,half of which is to be withdrawn by P &Q .How much cash P&Q withdraw from the firm (if any). Show Answer

Q19) P & Q are partners sharing profit in the ratio of 2:1.R is admitted to the partnership w.e.f 1st April on the terms that he will bring in Rs.20,000 as his capital & for 1/4th shares he pays Rs.9,000 for goodwill ,half of which is to be withdrawn by P &Q .profit on revaluation is Rs.6,000 & opening capital of P is Rs.40,000 & of Q is Rs.30,000.Find the closing balance of each capital Show Answer

Q20) G, B and V are partners sharing profit and losses equally with a goodwill Rs.1,20,000 shown in the balance sheet & they agreed to take T as an equal partner on the terms that he should bring Rs.1,60,000 as his capital & goodwill ,his share of goodwill was evaluated at Rs.60,000 & the goodwill account is to be written off before admission .What will be the treatment for goodwill ? Show Answer

Q21) Which of the following asset is compulsory to revalue at the time of admission of the new partner Show Answer

Q22) B & C share profit & losses in the ratio 3:1. D is admitted to the firm and new profit sharing ratio is 2:1:1..D brings Rs.4,000 as goodwill. The value of goodwill credited will be Show Answer

Q23) A person may be admitted as a partner with the consent of Show Answer

Q24) A person may be admitted as a new partner Show Answer

Q25) An incoming partner is liable for all the acts of the firm done Show Answer

Q26) Which of the following is true ? Show Answer

Q27) unless agreed otherwise ,it is presumed that Show Answer

Q28) unless agreed otherwise ,it is presumed that Show Answer

Q29) Goodwill brought in by incoming partner in cash for joining in a partnership firm is taken away by three old partners in their Show Answer

Q30) profit & loss an revaluation of assets /liabilities is shared by the old partners in their Show Answer

Q31) Accumulated profit & loss & Reserve are shared by the old partners in their Show Answer

Q32) In case of revaluation account is prepared ,the asset & liabilities appear in the books of reconstituted firm at their Show Answer

Q33) In case of revaluation account is not prepared, the asset & liabilities appear in the books of reconstituted firm at their Show Answer

Q34) Revaluation account is debited Show Answer

Q35) Partners capital account is debited Show Answer

Q36) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C and agreed to give him 1/8th of the profit ..The new profit sharing ratio between A & B is 4:3 .The new profit sharing ratio & sacrificing ratio will be Show Answer

Q37) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C and agreed to give him 1/4th of the profit .A & B share the profits equally ,new profit sharing ratio will be Show Answer

Q38) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C who takes C who takes 2/7th from A & 1/7th from B .The new profit sharing ratio Show Answer

Q39) A and B are partners sharing profit and losses in the ratio 5:3 .they admit C & the new profit sharing ratio is agreed at 4:2:1.The sacrificing ratio will be Show Answer

Q40) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C and agreed to give him 1/5th share of the profit .A & B share the profits equally ,new profit sharing ratio will be Show Answer

Q41) A and B are partners sharing profit and losses in the ratio 2:1.they admit C & decided to share the future profits in the ratio of 2:2:1.The gain or sacrificing ratio will be Show Answer

Q42) A & B are partners sharing profits in the ratio of 2:1 .they admit C into partnership giving him 1/5 share in the profit which he acquired A & B in the ratio of 1:2 .the new profit sharing ratio will be Show Answer

Q43) A , B & C are partners sharing profits in the ratio of 4:3:2 .D is admitted. Tthe new profit sharing ratio of A ,B ,C D will be 3:2:2:2 respectively .the sacrificing ratio will be Show Answer

Q44) A & C are partners sharing profits in the ratio of 4:1.D is admitted for 1/4 share in profit. Which he acquires wholly from A .the new ratio will be Show Answer

Q45) A ,B & C are partners sharing profits in the ratio of 3:2:1 .D is admitted .the new profit sharing ratio of A ,B ,C, D will be 3:3:2:2 respectively .the sacrificing ratio will be Show Answer

Q46) A & B are partners sharing profits in the ratio of 7:3.A surrendered 1/7th of his share & B surrendered 1/3rd of his estate in favour of C , a new partner .the new profit sharing ratio & sacrificing ratio will be Show Answer

Q47) A & B share profit in the ratio of 3:2 , C is admitted A & B will in future get 2/6th & 3/6th share of profits .the share of c will be Show Answer

Q48) Goodwill bought in by incoming partner in cash for joining in a partnership firm is taken away by the old partner in Show Answer

Q49) A & B are sharing profits in the ratio of 3:1 .according to their partnership deed on reconstitution of a firm , 'goodwill is to be valued at two & half year's purchase of the average profit of the last three completed years .The profit were 2001-02 RS.20,000 ; 2002-2003 Rs.30,000 ; 2003-2004 Rs.40,000 ; 2004-2005 Rs.50,000 ; 2005-2006 Rs.60,000 . 'C ' is admitted for 1/5th share in profit on 31st march ,2006 the amount which C will be required to bring by way of his share of goodwill will be Show Answer

Q50) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C and agreed to give him 1/4 the of the profit .C contributes Rs.6,000 for capital & the requisite amount of premium in cash. The goodwill of the firm is valued at Rs.9,600.partners withdrew their share of goodwill in cash .A & B withdrew Show Answer

Q51) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C and agreed to give him 1/4 the of the profit .C acquires 1/6th from A & 1/12 the from B.The goodwill of the firm is valued at Rs.20,160.partners withdrew one half of goodwill .A & B withdrew Show Answer

Q52) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C and agreed to give him 1/4 the of the profit . A & B. share profit & loss equally .The goodwill of the firm is valued at Rs.9,600.partners withdrew 50% of goodwill .A & B withdrew Show Answer

Q53) A & B are partners sharing profits in the ratio 5:3 they admitted C giving him 3/10th share of profit. if C acquires 1/5th share from A & 1/10th from B ,new profit sharing ratio will be Show Answer

Q54) A and B are partners sharing profit and losses in the ratio 5:3 .they admitted C as a new partner .C contributes Rs.1,40,000 as his capital, and Rs.96,000 as goodwill. New profit sharing ratio between A ,B & C is 7:5:4. find the sacrificing ratio as A :B Show Answer

Q55) A and B are partners sharing profit and losses in the ratio 5:3 .they admitted C as a new partner. The New profit sharing ratio between A ,B & C is 25:15:9. the sacrificing ratio of A :B will be Show Answer

Q56) A and B are partners sharing profit and losses in the ratio 1:2 . They admitted C and agreed to give him 1/5th share of the profit .A & B share the profits equally ,new profit sharing ratio will be Show Answer

Q57) A , B & C are partners sharing profits in the ratio of 3:2:1 .D is admitted for 1/6th share in the profits .C would retain his original shares.the new ratio will be Show Answer

Q58) A, B & C are partners sharing profit in the ratio of 4:3;2 .D is admitted for 2/9th share of profit & brings Rs.18,000 as his capital & the necessary amount for his share of goodwill. The goodwill of the firm is valued at Rs.2,43,000 .the new profit sharing ratio of A ,B ,C & D will be 3:2:2:2 .the sacrificing partners withdrew half of their share of goodwill .they withdrew Show Answer

Q59) A and B are partners sharing profit and losses in the ratio 3:1 .they admitted C into the firm ,and agreed to give him 1/3 share of the profit . A & B. agreed to share future profit & loss equally .The goodwill of the firm is valued at Rs.27,000..in this case Show Answer

Q60) A , B and C are partners sharing profit and losses in the ratio 3:2:1 .they admitted D into the firm, the New profit sharing ratio between them will be 3:3:2:2 ..The goodwill of the firm is valued at Rs.1,80,000.D brings his share of goodwill in cash. in this case Show Answer

Q61) A , B and C are partners sharing profit and losses in the ratio 3:1:1 .they admitted D into the firm, the New profit sharing ratio between them will be 4:3:2:1 ..The goodwill of the firm is valued at Rs.3,00,000.D brings necessary amount as his share of goodwill . in this case Show Answer

Q62) A & B are partners with the capital of Rs.13,000 & Rs.9,000 respectively. They admit C as a partner with 1/5th share in the profit of the firm .C brings Rs.8,000 as his capital.The amount of goodwill is Show Answer

Q63) A & B are partners with the capital of Rs.3,000 each.They admit C as a partner with 1/4th share in the profit of the firm .C brings Rs.4,800 as his capital.The profit & loss account showed a credit balance of Rs.2,400 as on date of admission of C .The amount of goodwill is Show Answer

Q64) X & Y partners sharing profits in the ratio of 3:1 .they admit Z as a partner who pay Rs.8,000 as goodwill the new profit sharing ratio being 2:1:1 among X ,Y & Z respectively .the amount of goodwill be credited to Show Answer

Q65) P & T are partners sharing profit in the ratio of 2:1.R is admitted to the partnership w.e.f 1st April on the terms that he will bring in Rs.40,000 as his capital & for 1/4th shares he pays Rs.18,000 for goodwill ,half of which is to be withdrawn by P & Q withdrew from the firm Show Answer

Q66) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C as a new partner .C contributes Rs.50,000 as his capital, and Rs.20,000 as goodwill. New profit is 1:1:1. C bought cash of capital & agreed to compensate A & B outside the firm .How this will be treated in the books of the firm. Show Answer

Q67) A and B are partners with their capital Rs.1,00,000 & Rs.80,000 respectively. they share profit & loss equally .they admitted C & he contributes Rs.50,000 as his capital, nothing in goodwill .goodwill in the B/s Rs.40,000 is revalued as Rs.70,000 .what is the goodwill after C 's admission Show Answer

Q68) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C as a new partner .C contributes Rs.50,000 as his capital, and Rs.20,000 as goodwill. New profit is 1:1:1. in what ratio will this amount be shared .by the old partners A & B Show Answer

Q69) A ,B & C are equal partners .D is admitted to the firm for 1/4th share .D brings Rs.40,000 capital & Rs.10,000 being half of the premium for goodwill. the value of goodwill of the firm is Show Answer

Q70) A and B are partners sharing profit and losses equally. They admitted C as a equal partner & goodwill is valued as Rs.60,000 (book value NIL).C would pay Rs.40,000 as his capital, and necessary goodwill as cash towards his share of goodwill. goodwill will remain in the books .what will be the final effect of goodwill in the partners capital account ? Show Answer

Q71) X & Y partners sharing profits in the ratio of 2:1 .they admit Z as a partner who pay Rs.9,000 as goodwill the new profit sharing ratio being 3:2:1 among X ,Y & Z respectively .the amount of goodwill will be Show Answer

Q72) A and B are partners with their capital Rs.20,000 & Rs.40,000 respectively. they share profit & loss equally .they admitted C for 1/4th profit of the firm on the payment of Rs.24,000.the amount of hidden goodwill is Show Answer

Q73) A and B are partners with their capital Rs.30,000 & Rs.20,000 respectively. they admitted C for 1/6th profit of the firm.The amount of C's share in the capital of the firm if he asked to bring in capital in proportion to his profit sharing ratio will be Show Answer

Q74) X & Y partners sharing profits in the ratio of 4:3 .they admit Z as a partner for 1/3 rd share in the profits .On the date of Z's admission ,the B / S of X & Y showed a balance Rs.4,200 in profit & loss account shown on the asset side of B/S & a general reserve of Rs.42,000 .The final effect on X's capital account will be Show Answer

Q75) A & B share profit and losses equally. They admit C as an equal partner & assets were revalued as follows :Goodwill at Rs.60,000 (book value NIL). Stock at Rs.40,000 (book value Rs.24,000);machinery at Rs.1,20,000 (book value Rs.1,10,000) .C is to bring in Rs.40,000 as his capital & the necessary cash towards his shares of goodwill. Goodwill account will not remain in the books .Find the profit /loss on revaluation to be shared among A, B & C Show Answer

Q76) Balance sheet prepared after the new partnership agreement ,assets and liabilities are recorded at: Show Answer

Q77) X and Y are partners sharing profit and losses in the ratio 5:3 .They admitted C as a new partner .C would pay Rs.1,00,000 as his capital, and Rs.32,000 as goodwill. for 1/5th share of profit. Machinery would be appreciated by 10% (book value Rs.1,60,000) & building would be depreciated by 20% (Rs.4,00,000).unrecorded debtors of Rs.2,500 would be bought into the books now & a creditors amounting to Rs.5,500 died and need not pay anything to its estate .find the distribution of profit & loss on revaluation between X,Y & C Show Answer

Q78) A & B are partners sharing profits & losses in the ratio of 3:2 (A's capital is Rs.60,000 & B 's capital is Rs.30,000).They admitted C & agreed to give 1/5th share of profits to him .how much C should bring in towards his capital ? Show Answer

Q79) P & Q are partners sharing profit in the ratio of 5:3.R is admitted to the partnership for 1/5th share of profits,for which he paid Rs.2,40,000 against capital & Rs.1,20,000 for goodwill .the capital balance for each partner taking Z's capital as base capital will be Show Answer

Q80) R and K are partners sharing profit and losses in the ratio 5:3 , R's capital is Rs.5,00,000 & K's capital is Rs.4,00,000 ;.They admitted O as a new partner .O contributes Rs.1,00,000 as his capital, and Rs.32,000 as goodwill for 1/5 the share in the profit , find the balance of capital account after admission of O Show Answer

Q81) A and B are partners sharing profit and losses in the ratio 3:2 , A's capital is Rs.1,00,000 & B's capital is Rs.60,000 ;Reserve fund Rs.30,000.They admitted C as a new partner .C contributes Rs.50,000 to the firm for 1/6 the share in the partnership from the existing partners A & B in the ratio of 3:2 for Rs.25,000,find closing capital of C will be Show Answer

Q82) MATCH THE PAIR :- Revaluation account is prepared at the time of: Show Answer

Q83) New partner may be admitted to partnership - Show Answer

Q84) When a new partner is admitted into the firm the old Partner stands to - Show Answer

Q85) Sacrificing ratio is Show Answer

Q86) When at the time of admission of a new partner old partners profit ratio is not changed, the sacrificing ratio is ? Show Answer

Q87) The proportion in which old partners make a sacrifice - Show Answer

Q88) The account which shows changes in the values of assets - Show Answer

Q89) Credit balance on Revaluation A/c Show Answer

Q90) General reserve at the admission of a partner is transferred to - Show Answer

Q91) At the time of admission, General reserve is distributed among the Partners in the - Show Answer

Q92) Depreciation fund, at the time of admission of a Partner, is transferred of - Show Answer

Q93) All accumulated losses are transferred to the Capital A/cs of the Partners in - Show Answer

Q94) To which account is accumulated balance of P& L A/c and General Reserve A/c is transferred at the time of admission of a partner - Show Answer

Q95) A,B,C and D are Partners sharing their profit and losses equally. They change their profit sharing ratio to 2:2:1:1. How much will C sacrifice - Show Answer

Q96) X and Y are sharing profit and losses in the ratio of 3 :2. Z is admitted with 1/5th share in profit of the Firm which he gets from X. Find out the New Profit sharing ratio ? Show Answer

Q97) A and B are Partner sharing profits in the ratio of 7:3. C is admitted as a new Partner. A surrenders 1/7th of his share and B surrender 1/3rd of his share in favour of C. The new profit sharing ratio will be - Show Answer

Q98) X and Y share profits and losses in the ratio of 4:3. They admit Z in the firm with 3/7th share which he gets 2/7th from X and 1/7th from Y. The new profit sharing ratio will be - Show Answer

Q99) A and B are Partners, sharing profits in the ratio of 5:3 . They admit C with 1/5th share in profits which he acquires equally from both A and B.
New profit sharing ratio will be - Show Answer

Q100) A, B and C share profits and Losses in the ratio, of 3:2:1. D is admitted with 1/6th share which he gets entirely from A. New profit Sharing ratio will be - Show Answer

Q101) R and S are Partners sharing profits in the ratio, of 5:3. T joins the Firm. R given 1/4th of his share and S gives 1/5th of his share to the new Partner. Find out the new profit sharing ratio - Show Answer

Q102) A ,B,C are Partners sharing profit in the ratio of 3:2:1. They agree to admit D into the Firm. A,B C agreed to give 1/3rd,1/6th,1/9th share of their profit, The share of profit of D will be : Show Answer

Q103) X and Y are Partners sharing profits equally. Z was admitted for 1/7th share. Calculate New profit Sharing Ratio - Show Answer

Q104) A and B are Partners sharing profits and losses in ratio of 3:2. A's Capital is Rs. 30,000. B's Capital is Rs. 15,000. They admit C and agreed to give 1/5th share of profits to him. How much C should being in towards his Capital ? Show Answer

Q105) If X brings Rs. 20,000 as Capital for 1/4th share of profit and the partners decide to adjust their Capital in accordance with their profit sharing ratio, What should be the total Capital of the Firm ? Show Answer

Q106) Mr. X is admitted into a Partnership Firm for 1/4th share of profits. The Total Capital of the old partners stood at Rs.45,000 after carrying adjustment of Goodwill, revaluation of Assets and liabilities and transfer of Reserves and Surplus . What amount should be brought in by new Partners as his share of Capital at the time admission ? Show Answer

Q107) X and Y are sharing profits in the ratio of ratio 2:1, They admit Z into the Firm with 1/4th share in profits for which he brings Rs. 12,000 as his share of Capital. The adjusted Capital of Y will be - Show Answer

Q108) Kala and Gore are Partners sharing profit and losses in the ratio of 3:2 They admit Savala into Firm giving him 1/4th share. If Savala brings in Rs.15,000 as his share of Capital the adjusted Capital of Kala should be - Show Answer

Q109) C was admitted in a Firm with 1/4th share of the profits of the Firm. C contributes Rs.30,000 as his Capital. A and B are the old Partners with the profit sharing ratio as 3:2 . Find the required Capital of A and B , if Capital should be in profit sharing ratio taking C's Capital as base Capital ? Show Answer

Q110) X and Y are Partners sharing profits in the ratio 5:3. They admitted Z for 1/5th profits, for which he paid Rs.6,00,000 against Capital and Rs.30,000 against Goodwill. Find the Capital balances for each partner taking Z's as base Capital. Show Answer

Q111) A and B shares profit and losses equally. They have Rs. 20,000 each as Capital. They admit C as equal partner and Goodwill was valued as Rs.3,000. C is to bring Rs.30,000 as his Capital and necessary cash towards his share of Goodwill. Goodwill A/c will not be remain open in books. If profit on revaluation is Rs. 13,000, find Closing balance of Capital Accounts. Show Answer

Q112) A and B are in Partnership sharing profits and losses in the ratio of 3:2. The Capitals of A and B remaining after adjustment are Rs. 48,000 and 36,000 respectively. They admit 'C' as a third Partner who has to contribute sufficient Capital to acquire a 1/5th share of the total Capital of the new Firm equally from both the partners A and B. It is decided that the Capital of old partners should also be in their new profit sharing ratio. Calculate the amount of actual cash to be paid off or brought in the old Partners for this adjustment. Show Answer

Q113) Amit and Anil are Partners of a partnership Firm sharing profits in the ratio of 5:3 with Capital of Rs.2,50,000 and Rs.2,00,000 respectively. Atul brought 50,000 as Capital and Rs.16,000 as Goodwill, for 1/5th profit. Find the balance of Capital A/c's after admission of atul. Show Answer

Q114) The additional amount brought by amount by an incoming partner at the time of his admission is called - Show Answer

Q115) When the incoming Partner being his share of Goodwill in cash, which of these methods of valuation of Goodwill is appropriate - Show Answer

Q116) When Goodwill is revalued at the time of admission of a Partners, how Goodwill is distributed amongst the old Partners - Show Answer

Q117) Goodwill brought in by incoming Partners in cash is taken away by the old Partners in - Show Answer

Q118) At the time of admission when Goodwill A/c is not being opened in the books of account, credit is given to old Partner in what ratio ? Show Answer

Q119) Account which is debited when new Partner brings cash for his share of Goodwill - Show Answer

Q120) When the incoming Partner brings his share of Goodwill in cash, it is adjusted by crediting to - Show Answer

Q121) When the incoming Partners does not being his part of Goodwill in cash which Account should be debited ? Show Answer

Q122) If the incoming Partner brings his share of Goodwill in cash and it is further decided to shown Goodwill at Rs.5,000 in books of accounts, then the amount required to be shown in the new Balance Sheet will be raised in - Show Answer

Q123) If the incoming Partners is to brings his share of Goodwill in cash, and there exists any balance in Goodwill A/c, then this Goodwill A/c is to be written off among old Partners in - Show Answer

Q124) When Goodwill is to written off after the admission of a partner in which ratio it is transferrred to capital A/c of the Partners ? Show Answer

Q125) Goodwill of a Firm is Rs. 15,000. C is admission for 1/4th share of profit. What is his share of Goodwill ? Show Answer

Q126) C is admitted in a Firm for 1/4th share in the profits for which he bring Rs. 3,000 for Goodwill. It will be taken by the old Partners in - Show Answer

Q127) X and Y are Partners in a Firm with Capital of Rs. 18,000 and Rs. 20,000. Z was admitted for 1/3 rd share in profit and bring Rs. 24,000 as Capital, calculate the amount goodwill : Show Answer

Q128) X and Y share profit and losses in the ratio of 2:1 they take Z as a Partner and the new profit sharing ratio becomes 3:2:1. Z brings Rs. 5,000 as premium for Goodwill. The full value of Goodwill be - Show Answer

Q129) X and Y Partners with Capital of Rs.9,000 and Rs. 10,000 respectively. Z is admitted into the Firm into the Firm for 1/3rd share of profit and he brings Rs.12,000 as hi share of Capital. How much will be the Goodwill of the Firm ? Show Answer

Q130) X and Y are Partners sharing profit in the ratio of 1:1. They admit Z for 1/5th share who contributed Rs.25,000 for his share of Goodwill. The total of the Goodwill of the Firm will be ? Show Answer

Q131) A and B are Partners with the Capital Rs.50,000 and Rs.40,000 respectively. They share profits and losses equally. C is admitted on bringing Rs.50,000 as Capital only and nothing was brought against Goodwill. Goodwill appearing in Balance sheet at Rs.10,000 is revalued as Rs. 30,000. What will be value of Goodwill in the books after the admission of C ? Show Answer

Q132) A and B are Partners with capitals of Rs.10,000 and Rs. 20,000 respectively and sharing profit equally. They admitted C as their third partners for 1/4th share for all purpose on payment of Rs.15,000. The amount of hidden Goodwill is - Show Answer

Q133) H, K and R are equal Partners. D is admitted to the Firm for 1/4th share. D bring Rs. 20,000 Capital and Rs.5,000 being half of the premium of Goodwill. The value of Goodwill to the Firm is - Show Answer

Q134) A and B are Partners with Capital of Rs.5,000 each. They admit C as a Partner with 1/4th share in the profit of the firm . C brings Rs.8,000 as his share of Capital. The Profit and Loss A/c showed a credit balance of Rs.4,000 as on date of admission of C. Goodwill is equal to - Show Answer

Q135) A, B and C are equal Partners, They wanted to change the profit sharing ratio into 4:3:2. They raised the Goodwill to Rs.80,000 but want to write it off immediately. The effected accounts will be - Show Answer

Q136) P and Q are in Partnership, Sharing profit and losses the ratio of 4:1. They admit R into the Firm and in the new Firm profit are shared equally. R pays a premium of Rs. 60,000. What is the old Partner's share in Premium Show Answer

Q137) A,B,C are Partners sharing profits in the ratio of 4:3:2. D is admitted for 2/9th share of profits and brings Rs.30,000 as Debits and Rs.10,000 for his share of Goodwill. The new Profit sharing ratio between Partners will be 3:2::2:2. Goodwill amount will be credited in the Capital account of - Show Answer

Q138) X and Y are Partners sharing profits in the ratio of 3:1. They admit Z as a Partners who pays Rs.4,000 as Goodwill. The new profit Sharing ratio being 2:1:1. amount X,Y,Z. The amount of Goodwill will be credited to - Show Answer

Q139) A and B are Partners sharing the profit in the ratio of 4:1. They take C as the new partner who is Supposed to bring Rs.25,000 as Capital and Rs. 10,000 as Goodwill. New profit sharing ratio is 1:1:1. C is able to bring only his share of Capital. Show the treatment in the Firm's books. Show Answer

Q140) A,B and C were equal Partners of a Firm with Goodwill Rs. 10,000 shown in the Balance Sheet. They agree to take Das an equal Partner on the term that he should share of Goodwill was evaluated at Rs.40,000. Goodwill A/c is to be written off before admission. What is the treatment for Goodwill? Show Answer

Q141) A and B are Partners sharing the profit in the ratio of 3:2. They take C as the New Partner who is supposed to bring Rs.50,000 against Capital and Rs.20,000 against Goodwill. new profit sharing ratio is 1:1:1. C is able to bring Rs.60,000 only. How this will be treated in the books of the Firm ? Show Answer

Q142) Consequent upon admission of a partner in a Firm Goodwill is valued at Rs.60,000. But there exist a Goodwill A/c in the Balance Sheet which stood at Rs.48,000. What would be treatment of Goodwill at the time of admission of a new Partner if the Firm follows revaluation method o Goodwill ? Show Answer

Q143) A,B and C are Partners in a Business firm sharing their profit in the ratio of 4:3:2. A new Partner D enters the Firm. The new profit sharing ratio is A,B,C and D is 5:4:2:1.D contributed Goodwill of Rs.36,000. This Goodwill is to be allocated what will be the correct allocation? Show Answer

Q144) 'A and 'B' are Partners is business sharing of profit in the ratio of 5:3. They admit 'C' as a Partner with 1/4th share in the profits which he acquires 3/4th from 'A' and 1/4th from 'B'. He pays Rs.4,000 as his share of Goodwill. 'A' and 'B' will be credited by - Show Answer

Q145) X and Y are Partners sharing profits in the ratio of 3:1. They admit Z as a Partner who paid Rs.40,000 as Goodwill. The new profit sharing ratio being 2:1:1 among X,Y and Z respectively. The amount of Goodwill will be credited to - Show Answer

Q146) R, admitted as a new Partner for 1/4th share of future profits, fails to bring in cash of Rs.5,000 towards Goodwill but the existing (old) Partners S and T, sharing profit in the ratio of 3:2, raise the Goodwill A/c at its full value. Therefore, the Partners will be credited for Goodwill as - Show Answer

Q147) A and B are Partners sharing the profit in the ratio 3:2. They take C as the new Partner who brings in Rs.50,000 against Capital and Rs.20,000 aganist Goodwill. New profit sharing ratio is 1:1:1. In what ratio will the amount of Goodwill be shared among the old Partners? Show Answer

Q148) P and Q are Partners sharing Profits in the ratio of 2:1. R is admitted to the Partnership with effect from 1st April on the term that he will bring Rs.30,000 as his Capital for 1/4th share and pays Rs.18,000 for Goodwill, half of which is to be withdrawn by P and Q. How much cash can P and Q withdraw from the Firm (if any) ? Show Answer

Q149) P and Q are Partners sharing profit in the ratio of 2:1. R is admitted to the partnership w.e.f 1st April on the term that he will bring Rs.30,000 as his Capital for 1/5th share and pay Rs.18,000 for Goodwill, half of which is to be withdrawn by P and Q. profit on revaluation is Rs.6,000.Opening Capital of P and Q is Rs.40,000 and Rs.30,000 respectively. Find the Closing balance. Show Answer

Q150) Which of these Account is opened for revaluation of assets and liabilities at the time admission of a Partners into a Firm ? Show Answer

Q151) Which of the following asset is compulsory to revalue at the time of admission of a new Partner? Show Answer

Q152) In the Balance sheet prepared after the new Partnership agreement, Assets and liabilities are usually shown at - Show Answer

Q153) The balance in the in the Investment Fund, after meeting the loss on revaluation of investments, at the time of admission will be transferred to - Show Answer

Q154) A firm has unrecorded investment of Rs.50,000. Entry in the Firm's journal on admission of a Partners will be - Show Answer

Q155) A and B Partners of a Firm sharing profits in the ratio of 3:2. C was admitted for 1/5th share of profit. Machinery would be appreciated by 10% ( Book value Rs.80,000) and Building would be depreciated by 20% (Rs.2,00,000). Unrecorded Debtors of Rs.1,250 would be brought to books. person to whom the Firm owes Rs.2750 died and the Firm needn't pay anything in respect of the aforesaid liability. What will be the profit/loss on revaluation ?
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Q156) A, B and C are equal Partners in a Firm with Capital of Rs.16,800, Rs.12,600 respectively, Bills payable Rs.3,300, Creditors Rs.6,000, Cash Rs.600, Debtors Rs.10,800, Stock. Rs.11,400, Furniture Rs.2,400 and Building Rs.19,000. E admitted to the Firm and bring Rs.9,000 as Goodwill and Rs.15,000 as Capital.Half the Goodwill is withdrawn by old Partners, and Stock and Furniture is depreciated by 10%. A provision of 5% on Debtors is created and value of Building is Rs.27,000. Profit on revaluation will be -



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