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CUET Accountancy 2023 PYQs28 May Shift 1. Free, no login required.

Partnership

past year questions, CUET Accountancy 2023 28 May Shift 1

Admission

past year questions, Partnership, CUET Accountancy 2023 28 May Shift 1

Medium

Amrita and Kalyani are partners sharing profits in the ratio of 3 : 2. They decided to expand the business by admitting Suraj as new partner for 1/4th share. Suraj's share of goodwill is valued at Rs. 90,000 for which he compensated Amrita and Kalyani in the ratio 1 : 4. Following information is also provided :

ParticularsBook Value (Rs.)Revalued figure (Rs.)
Machinery25,00,00027,00,000
Land10,00,00050,00,000
Computers2,50,00050,000
Workmen Compensation Fund5,00,000

Claim against workmen compensation is Rs. 2,00,000 and goodwill appeared in the books at Rs. 60,000

Share of revaluation profit of Amrita and Kalyani is :

Solution

✅ Correct Option: 1

Revaluation changes: Machinery +2,00,000; Land +40,00,000; Computers -2,00,000.

Net Revaluation Profit = 40,00,000.

Amrita's share (3/5) = 24,00,000.

Kalyani's share (2/5) = 16,00,000.

More from this set:

Question 41

Goodwill brought by Suraj will be distributed as :

Question 43

What is Amrita's share in workmen compensation fund ?

Question 44

What journal entry will be passed for goodwill appearing in the books ?

Question 45

A new partner can be admitted :

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