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CUET Accountancy 2022 PYQs20 July Shift 1. Free, no login required.

Partnership

past year questions, CUET Accountancy 2022 20 July Shift 1

Admission

past year questions, Partnership, CUET Accountancy 2022 20 July Shift 1

Easy

At the time of admission of a partner, if nothing is specified then new partner acquires his share from old partners.

Solution

✅ Correct Option: 2

When the new partner's acquisition of share is not specified, the default assumption per standard practice is that the new partner acquires his share from all old partners in their existing (old) profit sharing ratio, so old partners sacrifice proportionately.

Related questions:

2026: 6 June Shift 1

A partner is admitted and the following steps are to be followed while calculating his share of goodwill. Arrange them in a sequence.

(A) Calculate new partner's share of goodwill

(B) Calculate total capital of the newly constituted firm

(C) Calculate actual capital of all the partners

(D) Calculate goodwill of the firm

2025: 30 May Shift 2

At the time of admission of a new partner, general reserve appearing in the old balance sheet is transferred to:

2025: 3 June Shift 1

The profits of the firm for the five years are as follows:

YearProfit (Rs.)
2012-1320,000
2013-1424,000
2014-1530,000
2015-1625,000
2016-1718,000

Calculate the value of goodwill on the basis of three years' purchase of weighted average profits based on weights of the last five years as 1,2,3,4 and 5 respectively.

2026: 21 May Shift 1

Match List-I with List-II

List-IList-II
(A) Sum of the product/ Total weights(I) Normal Profit
(B) Firm Capital X Rate of return/100(II) Weighted Average Profit
(C) Bank A/c Dr. To Premium for Goodwill A/c(III) Amount of goodwill withdrawn by sacrificing partners
(D) Sacrificing Partners' Capital A/c Dr. To Bank A/c(IV) Amount brought by new partner as his share of goodwill

Choose the correct answer from the options given below:

2025: 30 May Shift 1

At the time of admission of a new partner, general reserve appears in the old balance sheet is transferred to:

2023: 20 June Shift 2

A and B are partners sharing profits in the ratio of 2:1. C is admitted for the 1/4th share of profits, who brings Rs.20,000 as capital. After all adjustments related to goodwill, revaluation of assets and reassessment of liabilities etc, Capital of A and B are Rs.45,000 and Rs.15,000 respectively. It is agreed that partners capitals should be according to the new profit sharing ratio.

Determine the new capital of B.

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