Partnership

Admission

Medium

common

Match the LIST-I with LIST-II

LIST-I (Journal Entries) LIST-II (Revaluation of Assets and Reassessment of Liabilities)
A. Asset A/c Dr.
To Revaluation A/c I. For reduction in the amount of a liability
B. Old Partner's Capital A/c Dr.
To Revaluation A/c II. For unrecorded liability
C. Liability A/c Dr.
To Revaluation A/c III. For an unrecorded asset
D. Revaluation A/c Dr.
To Liability A/c IV. For transferring loss on revaluation

Choose the correct answer from the options given below:

	LIST-I (Journal Entries)		LIST-II (Revaluation of Assets and Reassessment of Liabilities)
A.	Asset A/c Dr. To Revaluation A/c	I.	For reduction in the amount of a liability
B.	Old Partner's Capital A/c Dr. To Revaluation A/c	II.	For unrecorded liability
C.	Liability A/c Dr. To Revaluation A/c	III.	For an unrecorded asset
D.	Revaluation A/c Dr. To Liability A/c	IV.	For transferring loss on revaluation

A - III, B - IV, C - I, D - II

A - I, B - II, C - III, D - IV

A - III, B - IV, C - II, D - I

A - IV, B - III, C - I, D - II

✅ Correct Option: 1

Debiting an asset and crediting Revaluation records an unrecorded asset (III). Debiting partners' capitals and crediting Revaluation closes a revaluation loss (IV). Debiting a liability with credit to Revaluation records a decrease in that liability (I). Debiting Revaluation and crediting a liability brings an unrecorded liability into the books (II).

Hence A-III, B-IV, C-I, D-II.

2026: 12 May Shift 1

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

List-I	List-II
(A) For Unrecorded Liability	(I) Revaluation A/c Dr. To Asset A/c
(B) For Over-Valuation of Asset	(II) Partners' Capital A/c Dr. To Revaluation A/c
(C) For transferring loss on revaluation	(III) Revaluation A/c Dr. To Liability A/c
(D) For Under-Valuation of Asset	(IV) Asset A/c Dr. To Revaluation A/c

Choose the correct answer from the options given below:

2025: 24 May Shift 1

The accumulated profits and reserves are transferred to:

2025: 4 June Shift 2

A and B are partners sharing profits in the ratio of 2:1. C is admitted into the firm for 1/4 share of profits. C brings in Rs. 20,000 in respect of his capital. The capitals of old partners A and B, after all adjustments relating to goodwill, revaluation of assets and liabilities, etc., are Rs. 45,000 and Rs. 15,000 respectively, It is agreed that partners' capitals should be according to the new profit sharing ratio. A's Capital in the new firm will be:

2025: 2 June Shift 2

Which is the correct statement, in respect of the Revaluation Account :-

2026: 23 May Shift 2

Match the LIST-I with LIST-II

LIST-I		LIST-II
A.	Average Profit	I. Average profit - Normal profit
B.	Super Profit	II. Super Profit x No. of Years of Purchases
C.	Super Profit Method	III. Total Profit/ No. of Years
D.	Capitalised Value	IV. Average Profit x 100/ Normal Rate of Return

Choose the correct answer from the options given below:

2026: 13 May Shift 1

Which of the following statements are correct?

(A) When a new partner is admitted into partnership firm, sacrificing ratio is used to distribute new partner's share of goodwill.

(B) Hidden goodwill is the excess of Total Capital of the new firm (based on new partner's capital) over the actual combined capital of all the partners.

(C) When a new partner is admitted into partnership firm, the new partner compensates the old partners for their loss of share in the divisible profits of the firm for which he brings in an additional amount that is called as Premium for Goodwill.

(D) Employees' Provident Fund should be distributed among the old partners at the time of admission of a new partner.

Choose the correct answer from the options given below:

Solution

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