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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

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

Easy

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

A new partner can be admitted :

Solution

✅ Correct Option: 1

As per Section 31 of the Indian Partnership Act, 1932, a new partner cannot be admitted into a firm without the consent of all existing partners, unless specifically agreed otherwise in the partnership deed.

More from this set:

Question 41

Goodwill brought by Suraj will be distributed as :

Question 42

Share of revaluation profit of Amrita and Kalyani is :

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 ?

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CUET Accountancy Past Year Questions (Topic-Wise)