Partnership

Admission

Easy

Match List - I with List - II.

List - I List - II
(a) Building undervalued (i) Credited to Partner's Capital Account
(b) Building overvalued (ii) Credited to Revaluation Account
(c) Capital withdrawn (iii) Debited to Revaluation Account
(d) Additional capital introduced (iv) Debited to Partner's Capital Account

Choose the correct answer from the options given below :

List - I	List - II
(a) Building undervalued	(i) Credited to Partner's Capital Account
(b) Building overvalued	(ii) Credited to Revaluation Account
(c) Capital withdrawn	(iii) Debited to Revaluation Account
(d) Additional capital introduced	(iv) Debited to Partner's Capital Account

(a) - (ii), (b) - (iii), (c) - (iv), (d) - (i)

(a) - (ii), (b) - (iv), (c) - (iii), (d) - (i)

(a) - (i), (b) - (ii), (c) - (iv), (d) - (iii)

(a) - (ii), (b) - (i), (c) - (iv), (d) - (iii)

✅ Correct Option: 1

Undervalued asset means true value is higher, so increase is credited to Revaluation A/c (ii). Overvalued means decrease, debited to Revaluation (iii). Capital withdrawn reduces partner's capital, so debited to Partner's Capital A/c (iv). Additional capital introduced is credited to Partner's Capital A/c (i).

2026: 23 May Shift 2

A and B are partners sharing profits in the ratio of 4:3. C was admitted as a new partner for 1/4 share in the future profits of the firm. What would be the new profit sharing ratio of A, B and C?

2026: 31 May Shift 1

In case of admission of a new partner, Match List-I with List-II.

LIST-I		LIST-II
A.	New partner bring goodwill in cash	I.	Premium for Goodwill A/c Dr; To Old Partners' Capital A/c
B.	Goodwill already exists in books	II.	New Partner's Current A/c Dr.; To Sacrificing Partners' Capital A/c
C.	New partner does not bring goodwill	III.	Bank A/c Dr.; To Premium for Goodwill A/c
D.	Premium shared by sacrificing partner	IV.	Old Partner's Capital A/c Dr.; To Goodwill A/c

Choose the correct answer from the options given below:

2025: 3 June Shift 1

Rajinder and Surinder are partners in a firm sharing profits in the ratio of 4:1. On April 15, 2017, they admitted Narender as a new partner. On that date, there was a balance of Rs. 20,000 in general reserve and a debit balance of Rs. 10,000 in the profit and loss account of the firm. Which among the following statements is correct for transferring profit and loss account?

2026: 24 May Shift 1

Match List-I with List-II

List-I	List-II
(A) Average Profits × 100/Normal Rate of Return	(I) Normal Profit
(B) Firm's Capital × Normal Rate of Return/100	(II) Goodwill
(C) Total Profit /No.of years	(III) Capitalised value of average profits
(D) Super Profits × 100 /Normal Rate of Return	(IV) Average Profit

Choose the correct answer from the options given below:

2026: 11 May Shift 2

"When the value of goodwill is not given at the time of admission of a new partner. In such a situation it has to be inferred from the arrangement of the capital and profit sharing ratio."

Identify the method of valuation of goodwill being highlighted in above statement.

2026: 13 May Shift 1

Consider the given steps of calculating the Value of Goodwill on the Basis of Capitalization of Super Profit and arrange them in correct sequence.

(A) Calculation of Super Profits

(B) Calculation of Capital Employed/Net Assets

(D) Calculation of Capitalized value of Super Profit

Choose the correct sequence of the above steps from the options given below:

Solution

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